How Assumable Mortgages Affect Home Appraisals
Thursday, June 18
One of the cost advantages of an assumable mortgage is that a new appraisal often isn't required. But the rules vary by servicer, loan type, and whether you're getting a second mortgage. When an Appraisal Is Not Required For the assumption itself, many servicers don't require a new appraisal. You...
Assumable Mortgage Red Flags to Watch For
Thursday, June 18
Not every assumable mortgage deal is worth pursuing. Watch for rates above 5% (where the savings may not justify the complexity), equity gaps exceeding 40-50% of the home's value (which dramatically reduce blended-rate savings), fewer than 20 years remaining on the loan, and an uncooperative sell...
Assumable Mortgages and Divorce: How to Keep Your Low Rate When Separa
Thursday, June 18
Divorce is expensive enough. Refinancing into a 7% mortgage when you already have a 2.75% rate makes it even more expensive. Thousands of homeowners going through separation are sitting on low-rate VA or FHA loans and don't realize there is a legal path to keep that rate without refinancing.That ...
Common Misconceptions About Assumable Mortgages
Thursday, June 18
I hear the same wrong things about assumable mortgages every week. Let me knock down the biggest myths right now. ## Myth 1: Only Veterans Can Assume VA Loans Wrong. Anyone can assume a VA loan. You don't need military service, a DD-214, or a Certificate of Eligibility. You just need to qualify w...
Subject-To vs Assumable Mortgages: Key Differences
Monday, June 15
# Subject-To vs Assumable Mortgages: Key Differences **An assumable mortgage is a fully lender-approved transfer of a loan into the buyer's name . legal, documented, and supported by FHA, VA, and USDA loan terms. A subject-to transaction means taking over payments while the loan stays in the sell...
VA Loan Assumption vs. IRRRL: Which One Actually Saves You More Money?
Sunday, June 14
If you're a veteran sitting on a 6.5% VA loan right now, you've probably gotten at least three mailers about the VA IRRRL, the Interest Rate Reduction Refinance Loan. Rates have dropped, lenders are marketing hard, and the promise is a lower monthly payment with minimal paperwork. But there's a ...