Renting vs Buying With an Assumable Mortgage
Friday, June 12
At today's 7% rates, renting is often cheaper than buying. But an assumable mortgage at 2.5% completely changes the math. Let me show you. The Standard Rent vs. Buy Math (at 7%) Take a $400,000 home at 7%: Monthly mortgage (P&I): $2,661Property taxes: ~$350/monthInsurance: ~$150/monthMaintena...
First-Time Homebuyer Guide to Assumable Mortgages
Friday, June 12
If you're buying your first home, you've probably been told to get pre-approved at whatever rate the bank offers (probably 7%) and go find a house. That's one path. Here's a better one. An assumable mortgage lets you take over someone else's existing loan at their interest rate. If they locked in...
How to Buy a House at a 2.5% Interest Rate in Colorado (Yes, It's Poss
Thursday, June 11
Someone told you it's possible to buy a house at a 2.5% interest rate in Colorado. You thought they were wrong. They aren't. The process is called a mortgage assumption. It's not a trick. It's federal law. And in Colorado, specifically along the Front Range where military bases funnel tens of tho...
How to Sell Your Home With an Assumable Mortgage: A Seller's Complete
Thursday, June 11
**To sell a home with an assumable mortgage, confirm your FHA, VA, or USDA loan qualifies (all do by law), price to reflect the rate's value, market the low rate prominently in your listing, and be prepared for a 45,90 day closing timeline. Sellers with VA loans should understand their entitlemen...
Working With a Listing Agent Who Doesn't Understand Assumptions
Thursday, June 11
# Working With a Listing Agent Who Doesn't Understand Assumptions Here's a reality of the current market: you'll find a property with a 2.5% assumable rate, your client wants to make an offer, and the listing agent has no idea what an assumption is. They might push back, discourage their seller, ...
How to Make Your Offer Stand Out on an Assumable Property
Tuesday, June 09
As more buyers discover assumable mortgages, competition for these properties is increasing. A home with a 2.5% rate draws attention. Here's how to make your offer the one the seller accepts. Show You Understand the Process Sellers worry about uncertainty. An assumption takes longer, involves a d...