Assumable Mortgages - Frequently Asked Questions

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Assumemyloan.com is a platform for both people looking to buy and sell homes, and to utilize the ability of the buyer to "assume" the seller's existing low rate mortgage in order to increase the value of the home being sold, while at the same time saving the homebuyers hundreds or thousands of dollars in a mortgage payment each month compared to the cost of a new mortgage loan.

 A mortgage loan assumption is when a homeowner has an an existing mortgage on the property they are selling, and that existing loan has a special feature built into it that allows a new buyer to take over the existing loan at the existing low interest rate and remaining years on the loan.  Instead of paying off the mortgage, the buyer and seller in conjunction with the existing lender's approval agree to keep the existing mortgage in place and make the buyer the new responsible party on the loan.  This can benefit buyers by allowing them to cut their monthly mortgage payments down by several hundred, and in some cases well over $1000 per month, while at the same time paying off the home in whatever time frame is left on the existing mortgage.

If you currently own a home with a mortgage, contact us for a FREE CONSULTATION.  We will help you determine whether or not a prospective buyer can assume your existing mortgage from you at the current interest rate and term.  If it IS assumable, your house may be worth tens of thousands of dollars more to a prospective buyer who will benefit from that savings.  

If you are thinking of buying a home, assuming a seller's loan will save you hundreds or even thousands each month on your mortgage payment.  By joining Assumemyloan.com, you will get pre-screened to see if you are eligible to be pre-approved for a mortgage loan assumption, have access to our database of homes with assumable loans, and get updates on how to search for these properties, all at NO CHARGE TO YOU!

Pre-qualifying for a mortgage assumption is completely FREE.  Being qualified to assume a loan is a somewhat different process than being pre-approved for a new mortgage.  First, we gather the documentation required through our secure documentation portal and pair you with one of our Lender Partners to review your documentation and contact you directly.  They will review your file and tell you whether or not you meet the general criteria to assume a loan within 48 hours.  From there, you will be issued a pre-approval certificate and access to begin searching for homes that currently have assumable mortgages.  If you are interested in a home that is NOT on our list, you may be able to use our services to see if that seller has an assumable loan, and if so, we can assist both you and the seller in the assumption process.

Once you have an accepted offer to buy or sell a home with an assumable mortgage, a non-refundable fee of just $100 is collected from both the buyer and the seller in order to begin the process.  Once the process is complete, a total fee of 1% of the purchase price is paid to Assumemyloan.com at the closing.  Typically this fee is paid as part of your real estate commission, however sellers or buyers could elect to pay part or all of the fee as part of the terms of their contract.  This fee is independent of the typical closing costs that are associated with a Real Estate Transaction and the bank whose loan is being assumed.

We've just come off an unprecedented time in this country where mortgage interest rates were at all time lows for a sustained period of time.  In fact, for the most part, mortgage rates remained below 5% for most of the last 12 years, and for the last few years, they were mostly between 2 and 3.5%.  Those low rates made it possible for new homeowners to purchase their homes even though market conditions caused prices to rise.  Now that inflation and market conditions have caused those interest rates to nearly triple, the average homebuyer will now pay nearly double in principle and interest for the same priced home they would have gotten for half that just a year or two ago.  Obviously this is a very valuable opportunity for homebuyers, but it is also a very valuable prospect for home SELLERS, as having this valuable resource attached to your home makes you property a hot commodity.  In fact, on average, we find that even paying 20% more for a home that has an assumable mortgage would still save the homebuyer a huge amount in monthly mortgage payments compared to if they paid less for the home but still had to pay a mortgage at today's rates.

Realtors can engage assumemyloan.com to expedite and handle the entire mortgage assumption process on their existing Real Estate transactions, for both the buyers and sellers, from start to finish.  The cost is generally paid by both the buyer and seller, and mostly comes from the proceeds of the sale.  Certified AssumeMyLoan.com Realtors are trained in working with transactions that have assumable loans, and work hand in hand with our Transaction Coordinators from the time the house goes on the market to the time it closes.  Assumemyloan.com PREMIERE agents get a great deal more, encompassing everything from expert training, to being paired with both buyers and sellers interested in utilizing the assumption process.

Assumemyloan.com PREMIERE agents get paired with both buyers and sellers in their local area interested in utilizing the assumption process.  Our PREMIERE Agents receive expert training through live classes and use of online content in order to utilize their skill in working with mortgage assumptions to get more listings, sell more homes and make more money.  We also provide our PREMIERE agents with free tools and marketing material to utilize when they are out in their market place, so that they can get a leg up on their competition when working with new listings or buyers that may be unaware of mortgage loan assumptions.