By: Sharon T

Sharon T — Fri, 05 Mar 2010 20:24:33 +0000

Under rare circumstances where seller has an assumable mortgage, buyer might assume it but would also have the choice of getting their own mortgage. Sharon T

By: dusty_titus

dusty_titus — Wed, 03 Mar 2010 01:55:33 +0000

Well, assumable mortgages left the building about 35 years ago, but you never know! That “assume a mortgage” is taken these days to mean buyer arranges his own with a new bank. If you think that seller is going to give you or your RE agent the name of his bank, and mortgage account number and allow you to deal directly with bank, to take over his “mortgage” and you will pay off the seller with cash for his equity or whatever he is asking for the house, Good Luck with that Idea. Nowadays, people are required to be “pre-approved for a specific amount of “mortgage” by their own bank, and then they go shopping for a house that fits their financial means. I take the “assume a mortgage” to mean that the house is not free and clear and you have to, Yes, get your own Mortgage broker. dusty_titus

By: sar

sar — Mon, 01 Mar 2010 16:41:28 +0000

best to ask your attorney this question sar

Comments on: Rental Business: when buyer must “assume a mortgage” does it mean buyer does NOT need a mortgage broker?

By: Sharon T

By: dusty_titus

By: sar