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Updated over 4 years ago on . Most recent reply
Assuming a mortgage
What are the pros and cons of assuming a mortgage? Looking at a house that was flipped 3 years ago, owners are divorcing and looking to sell. Thought offering them some cash to assume the mortgage to me might be a cool idea. Haven’t mentioned anything but thought I’d ask here.
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Unless their loan is an fha or a va, it is not assumable. If it is assumable, you still have to qualify just like for a new mortgage and you could get a better rate today with a new mtg.