Thank you. I'll probably just refi.
I'm in the process of a divorce. I am keeping the house and it is being deeded to me. I am going to remove ex's name from the mortgage and trying to find the most economical way to do so. The current mortgage has a low rate and I'd like to keep that rate if possible. If I refi now I will end up with at least half a point higher rate. I have contacted Wells Fargo, the lender, about assuming the loan. They say that they allow that if I qualify financially, which I believe I will. However it is a lengthy process and they are moving very slowly. So before I waste time pursuing this path versus just refinancing, I want to have some idea whether they really will do this or I'm just wasting time while in the meantime interest rates continue to rise. I don't want to waste months on this and end up having to refi at a higher rate later on. It's a conventional loan, not FHA or VA, and the not says nothing about being assumable so Wells Fargo does not have to do it. Has anyone assumed a loan through Wells Fargo? How long did it take? What are their criteria- is it the same as the usual loan qualification criteria or is there more to it?
Thank you for all the comments. I had no idea this was such a controversial question! It was just something that I started thinking about after the fact. The buyers' agent did show the house and write the contract.
Thanks. This is in Virginia.
If you first see a house at an open house, and then submit an offer through a realtor other than the listing agent, who gets the commission? Does the answer change if the buyer was under an Exclusive Buyers Agent prior to the open house?