What is an Assumable Rate?
An assumable rate is the interest rate on an existing mortgage that a qualified homebuyer may be able to take over when purchasing a property.
Instead of securing a new mortgage at today's interest rates, buyers may have the opportunity to assume the seller's existing loan, including its original interest rate, remaining balance, and repayment terms.
For example, if a homeowner purchased a property with a 2.75% interest rate, a qualified buyer could potentially take over that mortgage at the same 2.75% rate, even if current mortgage rates are significantly higher.
What You Should Know:
Loan Types: FHA, VA, and USDA mortgages are generally assumable, subject to program requirements.
Buyer Qualification: Buyers must qualify and receive approval from the mortgage servicer.
Equity Difference: Buyers must cover the difference between the home's purchase price and the remaining mortgage balance, using cash or eligible financing.
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