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Financing Your Home >Assuming a Mortgage
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.
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What is considered one of the greatest U.S. construction projects that was also of great strategic importance to the U.S.?
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| A |
The Panama Canal, begun in 1904 and completed in August, 1914, which cost $366,650,000. |
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Bradley E. Arnowitz PA, RPS, CLHMS 1355 Real Estate Associates, Inc. Formally, Re/Max Beach Properties 3301 N.E. 183rd Street, Suite 405 Aventura, FL 33160 24/7: 305.776.6113 Facsimile: 305.402.0707 Brad@ArnowitzProperties.com ClientCare@ArnowitzProperties.com
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