Updated over 3 years ago on . Most recent reply
Process for assuming someone's Mortgage
Hi BP,
My friend is interested in selling his condo to me. He currently has a ~130k conventional mortgage on the property from Truist Bank and property is currently valued at ~@200k. I was wondering if anyone knows a way to take over his 130k mortgage because of the low interest rate (3.2%) he has instead of going out and getting a new mortgage with ~7% interest rate.
My friend is interested in selling his condo to me. He currently has a ~130k conventional mortgage on the property from Truist Bank and property is currently valued at ~@200k. I was wondering if anyone knows a way to take over his 130k mortgage because of the low interest rate (3.2%) he has instead of going out and getting a new mortgage with ~7% interest rate.
My plan is to pay him cash for the difference between value of the property and mortgage I would assume.