Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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ASSUMING A MORTGAGE

ASSUMING A MORTGAGE

 

 

 

You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan. 

 

Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. 

 

To know whether an assumption will work, find out the loan balance. 

 

If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. 

 

If the loan balance is high, the loan may have been made when interest rates were higher than they are today.  Most newer loans that are assumable have adjustable rates. 

 

If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work. 

 

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About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty
ASSUMING A MORTGAGE
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