Assumable Mortgages
Advantages To 1st Time Home Buyers

by Nick Johnson from Phoenix, Arizona, USA

Ask Kate about Assumable Mortgages and 1st Time Home Buyers: 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 and 1st Time Home Buyers

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,

Ask Kate for first time home buyer tips
Kate Ford Prime-Real-Estate-Articles.com

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Your bargain home decor begins here...

If this is your first year as a homeowner, you are probably looking for the ingenious ways to furnish and decorate your home while saving money at the same time.

Here is what I love about shopping at Amazon. You can take advantage of New Deals Every Day without running all over town.

This means less time spent at the gas pumps and more time to do what you love.

Of course, while you are shopping at Amazon for home goods, you can do most of your other shopping at the same sitting. From Annie's Homegrown Gluten-Free Rice Pasta to HKNB Heidi Klum for New Balance!

Refresh, organize and turn your house into a home with these incredible savings!

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