Can anyone tell me more about... - Posted by Cappy


#1

Posted by jim shrewsbury on March 01, 1999 at 05:28:24:

well I would say read the documents and see if there is a due on sale clause…if there is DO NOT play any games there is too much money to be made in real estate to play something on the wrong side of the line go to the lending institution and ask how many points would they charge to convert the note to an assumable one…and you may have to talk to many people there so hang in there till you get to the right level of authority


#2

Can anyone tell me more about… - Posted by Cappy

Posted by Cappy on February 28, 1999 at 12:05:16:

…what it takes to make a mortgage assumable?? If I were to develop a relationship with a bank and I owned a property free and clear, could I put a new first assumable mortgage on it to make it easier to sell? It seems too easy, but Im curious.

Cappy


#3

Re: Can anyone tell me more about… - Posted by Rob FL

Posted by Rob FL on March 01, 1999 at 20:55:15:

The only advantage with an assume with qualify loan is that your closing costs will be lower. (no lenders title insurance, no survey, lower points, no mtg broker) But you will still have to jump through all the hoops with the bank to actually assume the loan.


#4

Re: Can anyone tell me more about… - Posted by JPiper

Posted by JPiper on March 01, 1999 at 19:02:33:

All VA and FHA loans are assumable?.and so are most adjustable rate loans. The question is?..so what? To assume a loan the buyer has to qualify. This is the same measure of difficulty as getting a new loan.

These days there are 100% loans?.so why is it important that you have an assumable loan?? Now if your question is to make the loan a “non-qualifying assumable” I think you may as well forget it. It won’t happen unless perhaps you’re speaking with a private lender.

JPiper