11/16/2022
Get a LOWER Mortgage Rate, Even in this High rate Market.
There’s no doubt mortgage rates have skyrocketed this year as the market responded to high inflation.
The increases we’ve seen were fast and dramatic, and the average 30-year fixed mortgage rate even surpassed 7% at the end of last month. In fact, it’s the first time they’ve risen this high in over 20 years (see graph):
If you're looking for an option to get a lower rate, other then buying down the rate or another tactics... assuming a sellers Morgage may be the best option for you.
An assumable mortgage allows a homebuyer to assume the current principal balance, interest rate, repayment period, and any other contractual terms of the seller's mortgage.
Rather than going through the rigorous process of obtaining a home loan from the bank, a buyer can take over an existing mortgage.
Things to note:
-The Sellers Equality determines how much you will have to provide to take over the loan.
-Along with a lower mortgage rate, you can also get a lower closing cost.
-The Seller has to verify they have an assumable mortgage (the don't always know)
- If Seller has VA, FHA, or USDA the loan is most likely assumable.
If this option interests you and you want to know more contact me today and let's work together to get your a lower rate.
Kimberly Greene
Dreambox Realty
📧 [email protected].
📱 469-650-3403
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