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You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.
Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.
Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.
Frank Gargano Frank Gargano Properties-Realty Executives of Nevada 1903 Jones Blvd. Suite 100 Las Vegas, NV. 89146 702.596.2040 800.800.3571 702.992.8090 Fax: 702.947.2582 Email: frankgargano@NUMBER1EXPERT.com E-mail: frank@LVHomes4u.com
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his assets into a unique set of project management skills to form
Frank Gargano Properties, the company and this web-site, to help
YOU find the home of your dreams in Las Vegas.
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