What I need to know about an ASSUMABLE MORTGAGE!

[Ann Covey]

In looking for my next investment I came across a property in Florida that has an Assumable Mortgage. Now while I am aware of what this means I am curious what the real scoop on these are. Pros vs. Cons and what did you wish someone had told you before you got involved in one? In my research it sounds like the note gets placed in my companies name, what about deed? Any input would be greatly appreciated.

Also, rates for property management in Fl.

[Tom S.]

@Ann Covey Not sure about the "closing in your company's name" part. Almost all assumable loans are FHA or VA loans, which I believe have to be closed in your own name.

Definitely check on that with the seller's bank and their process for assuming the loan.