In this blog, we will provide more details on the numbers regarding how purchasing a home with an assumable mortgage works. In most cases, plan to have 10% down. Some homes may require a second mortgage unless you bring more cash to the table. An example: Home for sale (as of April, 2024) with an interest rate of 2.99% and the Loan Details Sheet below, shows the comparison if this home were assumed at that rate the monthly principal & interest payment is $1,789 then compared to 7.25% interest the payment would be $2,698 (plus the taxes $231). ... View Article
SEARCH LOW INTEREST HOMES HERE: My Website with Assumable Homes Some of the advantages of buying a home with an assumable loan include: Lower interest rate means a lower monthly payment, so your spending power is higher. No appraisal (unless there is secondary financing then appraisal may be needed. Secondary financing only for primary residences). You are assuming a loan which has been paid down. Lower closing costs at the Title Company. You can buy with less then 20% down and usually ~10%. If you sell later, the loan you assume can be assumed by someone else, creating a... View Article
By now, you have probably heard several things in the media about Realtor commissions. I wanted to explain what has happened and where things are going from here if you are a buyer or if you are a seller. First, the easy part is for sellers. In my opinion, a good Realtor will recommend that the seller still offers a commission to a buyer’s broker. Sellers benefit with competition amongst buyers and they want as many people through their house as possible. Not offering a buyer’s broker commission will significantly reduce the buyer pool for that seller. Seller’s who don’t... View Article
Qualified homebuyers can purchase a home with VA or FHA government financing and assume the current mortgage. This is not a new program – it has been around for decades – but it’s becoming more popular for both buyers who want a lower interest rate and sellers who want to sell their home in a market that is dealing with higher interest rates. Once the home closes escrow through the title company, as normal, then the seller is off the loan and the loan becomes the new buyer’s loan. Investors who do not plan to occupy the home can assume... View Article
Looking for the best luxury condominium living in the Phoenix area? With advanced floor-to-ceiling glass features to maximize views and natural lighting, equipped with Sub Zero and Wolf appliances, exquisite Waterworks fixtures and spa-inspired bathrooms. Ascent at the Phoenician is now introducing its intimate residential building with 40 luxury condominium residences in Phoenix, Arizona! The desert surrounding Arizona’s Camelback Mountain was known for being the mecca for sun-seekers. Those who often spent weeks playing and enjoying golf, horseback riding and swimming on the lodges that somehow dotted the base of this landmark. With this, several Canadian investors in collaboration with... View Article
