How to assume a mortgage

 

How to assume a mortgage

In order for you to assume a mortgage, your lender has to first give you the green light. Here are the steps to take.

1. Confirm that the loan is assumable – Be sure to confirm that the loan is in fact assumable. It’s also a good idea to speak with the current mortgage holder’s lender to ensure they’ll allow the assumption and that the borrower has been consistent with their loan payments.
2. Prepare for the costs – You’ll need to make a down payment, but the amount depends on how much equity the seller has. Once the assumption has been approved, you’ll also have to pay closing costs, but these are generally lower when you assume a mortgage compared to getting a loan the usual way.
3. Submit your application – The assumption process could look different from lender to lender, but in general, you’ll need to fill out an application and other forms and provide identification.
4. Close and sign liability release – If the assumption is approved, you’ll need to fill out paperwork just as you would when closing any other type of home loan. This might include a release of liability confirming that the seller is no longer responsible for the mortgage. 

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DebbieSmall,GRI Broker 

Small World Real Estate 

http://www.debbiesmall.net/

debbiesmall.net@gmail.com

727-599-4958

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