[Nome-announce] assumable loans

[Melissa K. Ford]

What is an assumable mortgage?

An assumable mortgage is a mortgage that can be transferred ("assumed") from
a seller to a buyer when a home is sold. Once the buyer assumes the loan,
the seller is no longer responsible for repaying it. There may be a fee
and/or a credit package involved in the transfer of an assumable mortgage. 

 What are the potential benefits of letting someone assume my loan?

*	Little or no equity
*	Save thousands
*	Easier to find buyers

 What are the common types of assumable loans?

*	FHA
*	VA
*	Adjustable rate mortgages 

If you're not sure what type of loan you have please contact your current
lender.

 How do I know if I have an assumable mortgage?

Find the loan documents related to your existing mortgage. You need to
review one of these documents to determine if the loan is assumable or
contact your existing lender.

1.      Deed of Trust (state specific )

2.      Truth in Lending Statement


Does my liability continue after the loan is assumed? 

As long as you have received a written release of liability from the lender
you are no longer responsible for making loan payments.

 

 

Melissa Ford - REALTORR

phone: (907) 443-7368

fax: (907) 443-7463

 

Selling your own your home is like doing your own taxes....

CALL ME WHEN YOU ARE READY TO SELL!

Free home value analysis at: www.nomesweethomes.com

 

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