Lititz, PA · Member since 2013 · 595 posts · 272 votes
The seller has a rate of ~4% and we are being quoted 8%. Is there any way a bank will allow a mortgage to be assumed? Initially they said no, but can a "higher-up" approve it? Are there any strategies to make it happen?
Most loans aren't assumable at all, so you're chasing a unicorn there most likely. The seller can sell to you using 'subject to' or by 'wrapping' the notes. You can search here for both of those terms to get a better understanding of the scenarios, and see if you can get one of those to work with your seller.
Bank's usually won't allow it, you can still assume the note and never let the lender know. The property would be deeded in your name and the note would be in the original borrowers name