Unlock Savings with Assumable Mortgages: A Guide to Buying Your Next Home

Unlock Savings with Assumable Mortgages: A Guide to Buying Your Next Home If you’ve been hesitant to buy a home due to rising interest rates, you’re not alone. But here’s a little-known secret that could help you save thousands on your next home purchase—Assumable Mortgages. An Assumable Mortgage allows you to take over the seller’s existing mortgage, including their interest rate, instead of getting a new loan at today’s higher rates. This can be a huge savings, especially if the seller locked in a lower rate before rates went up. How Assumable Mortgages Work:In simple terms, an assumable mortgage means that when you buy the home, you "assume" the seller’s mortgage debt. This could be a major benefit if the seller has a low-interest rate on their loan. For example, if the seller secured a 3% interest rate and current rates are 7%, you could save thousands of dollars in interest over the life of the loan! Types of Loans That Can Be Assumed: VA Loans: VA loans are often assumable with no restrictions, meaning if you’re a qualified buyer, you can take over the seller's VA loan and its favorable terms. FHA Loans: FHA loans may also be assumable, but the buyer must meet specific qualification requirements. Conventional Loans: Not all conventional loans are assumable, but some are, depending on the terms set by the lender. Where to Find Assumable Mortgages:Certain markets across the country, like Lakewood Ranch, have homes available with assumable mortgages. To help you find homes with this option, there’s a dedicated website:Assumable.ioHere, you can search for homes in your area that qualify for an assumable mortgage and explore your options. How to Connect with Us:Stacy and I specialize in helping clients find and take advantage of assumable mortgages. If you're ready to learn more or explore homes with this option, we’d love to assist you in your home buying journey. You can reach out to us directly for a free consultation or to get more information on the assumable mortgage process. Contact Us: Kirk & Stacy Weingarten, Real Estate Experts, Real Broker 941-226-5968

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