Assumable Mortgages - Advantages To Home Buyers

home buying tips | mortgage help | how to refinance

By Nick Johnson from Phoenix

Ask Kate: Assumable Mortgages - Bad Credit and Home Buying

Kate, Can I buy a house using the seller's mortgage that they already have if I don't have good credit and no money down?



Kate Answers: Assumable Mortgages - Bad Credit and Home Buying

Nick, Occasionally a seller's home loan can be taken over by a home buyer. This is referred to as an assumption. However most home loans today have built in clauses requiring buyers to undergo a formal assumption process with the existing lender.

Whether assuming a loan is advantageous to home buyers with tarnished credit is questionable. Currently interest rates are at all-time lows. Older mortgages available to assume may carry higher rates. Even so, this could be worthwhile to home buyers who can't purchase a house otherwise.

Tip: Finding a mortgage to assume starts with choosing a real estate agent. Because Realtors work around the clock with sellers, agents can save you hours of searching for a mortgage to assume on your own.

Here's another thought! Keep in mind the FHA home loan, a compelling alternative to assuming a mortgage. Go here to learn about FHA mortgages, an innovative solution for modern home buyers.

Take a moment to bookmark Assumable Mortgages - Bad Credit and Home Buying to your favorites so you can easily return in the future.

Nick, please come back and visit often. Help me spread the word by sharing my website with your friends. Remember, all of my information is free!

Best Wishes,

Kate Ford Prime-Real-Estate-Articles.com
Kate Ford Prime-Real-Estate-Articles.com


BONUS! The Secrets to Boosting Your Credit Rating - Finally Revealed!

In the turbulent world of getting a mortgage, your credit history is more important than ever. Discover the secrets to a better credit rating here!

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