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Answers (6)
- Le Green Schubert, "Le Green Schubert"
- Contributions:8
Seller financing is an option on some properties. We can answer better if you make it clear what problem you are trying to solve for yourself: Getting a good deal? Not having a down payment saved up? Credit not good enought to qualify for new loans.
Trying to guess what problem the seller might have that you can solve so that you get what you need won't be as effective as putting out the information:"This is what I need. This is what I have to offer. Anybody have a need that makes this win/win for both of us?
Trying to guess what problem the seller might have that you can solve so that you get what you need won't be as effective as putting out the information:"This is what I need. This is what I have to offer. Anybody have a need that makes this win/win for both of us?
- mike54721
- Contributions:3
Thank you everyone. I guess my goal was the find a house with a mortgage paid down then assume to save the borrower a foreclosure.
- Jim Starwalt, "jimstarwalt"
- Contributions:2512
Assuming a mortgage will still require you to qualify for a mortgage through the servicing lender. There is no Way that the loan you are assuming is at the same or lower interest rate than you would pay at today's rates. So, if what you are looking for is a loan because you don't quaily in the traditional manner, this not going to work for you either. Jim
- Hamp Yonce, "Zilluminati"
- Contributions:3463
You also have to credit qualify. If credit is your issue, assumption is not a solution. I can't imagine what Lender's may be putting people through to assume a mortgage. In all likelihood, it will not be any easier than obtaining a new one.
- mike54721
- Contributions:3
What about seller financing?
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
Its possible but very rare and to find you that would take a huge amount of work and then you would have to 'like' the home. Why not simply work with a lender, to find out what you can afford. If your credit it not great right now, work on getting it fixed. Assuming a mortgage could potentially mean you are paying higher interest rates, as you are assuming someone elses mortgage.
Is it possible to assume a mortgage? Can someone find me a house to assume the mortage on in 92867?
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