Assumable mortgages benefit the buyer & seller
There are several benefits to assuming a mortgage. By avoiding all Realty, Down Payment, Closing, & Appraisal cost you are not exposed to anything that would normally mark up the price. In addition there are no bidding wars to contend with. You will own the property for the current loan amount, which could be much less than the actual market value. The remaining payments left on the loan will be shorter than the original purchase date. If that is not enough also consider that you will still be eligible for any current Government Tax Credits available.
It even gets better. Most of these loans do not require a down payment. Some lenders may request a small amount to secure the loan, but this cost normally does not exceed $500.00. All you have to do is contact the Seller or lender to see if you qualify for the assumable loan. A credit score of 600 or better increases your potential. Takelist.com shares the sellers information under each posting. Their lenders should be able to walk you through the process step-by-step.
Using the sellers financing has many advantages.
• No Closing Costs
• No Down Payment
• No Appraisal Cost
• Minimal Paperwork
• No Realty Contracts
• No Bidding Wars
• Convenient Signing