How Can I Find a 4% Assumable Mortgage?

By Desi Williams

I'm a Real Estate Broker. I'm good at what I do, and I'll be there with you every step of the way, because I don't know any other way. I'm more than just a buying and selling agent, I'm somebody who wants to help you create your next paradise with everything that means – to you.

Do you want to buy a home but don’t want to deal with higher interest rates? I get it; there’s a lot of noise right now in the market about interest rates. A lot of people think you should just wait to purchase a home; however, there is a way to get a home with a lower-than-market interest rate, even today: Assumable mortgages

What is an assumable rate? An assumable rate is where you can take over somebody else’s mortgage and get their rate. Basically, you take over their loan, so it goes into your name. Assuming someone else’s mortgage with a lower rate can save you thousands over the course of your loan.

I want to give you a heads-up: this process can take longer than you might expect. Let me share a recent experience I had. We had a client who assumed a rate and they got into a home with a 3.35% interest rate.

Here’s how the process went: they paid cash for the owner’s equity and then began working with the owner’s bank. We started this in August, and we still haven’t closed, so it’s taking a lot longer. More than that, you still need to qualify for their loan, and they’ll check your credit.

What’s the benefit of assuming a mortgage? You won’t face exorbitant closing costs, and there’s no need to order an appraisal or navigate all those extra steps. All you need to do is transfer their loan into your name.

FHA and VA loans, along with a few other options, are typically assumable. If you’re interested, I can help you find homes with assumable rates. Feel free to contact me at (208) 431-7609 or desi@soldbyrevista.com. Let’s find you a home that fits your budget.