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Financing Your Home >Assuming a Mortgage

You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.

Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.

Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.

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Q	What are considered the ideal conditions for a buyer's market?
A	In a buyer's market, there are more houses for sale than buyers, homes take longer to sell, and sellers may have to cut prices.
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The Crockett Team, REALTOR®, real estate agents and broker for Willoughby, Eastlake and Perry Township Ohio home listings, property and land for sale - NUMBER1EXPERT(tm)

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Howard Hanna Smythe Cramer
34601 Ridge Rd.
Willoughby, OH. 44094
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The Crockett Team is Lake and Geauga County's leading full service Realtor team whose business success is based on a results oriented team approach. This dedication to service has resulted in The Crockett Team being honored by Realtor Magazine as the Top 100 Realtors out of over 1 Million Realtors in the USA. The Crockett Team gets results!

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