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Financing Your Home >Assuming a Mortgage

You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.

Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.

Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.

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Q	Which U.S. hotel has more fountains than any other hotel in the world?
A	The Bellagio Hotel in Las Vegas, Nevada has more than 1,000 fountains embellishing an 11+ acre artificial lake.
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Susan Arsenault, REALTORŽ, real estate agent and broker for Simsbury, Avon and Granby Connecticut home listings, property and land for sale - NUMBER1EXPERT(tm)

Susan Arsenault
Prudential CT Realty
920 Hopmeadow Street
Simsbury, CT. 06070
860-651-3191
860-305-9697
Fax: 860-408-4666
Email: susanarsenault@NUMBER1EXPERT.com
Susan is the NUMBER ONE AGENT in the Simsbury, Avon (Farmington Valley) area. With over twenty years of experience, Susan sets the trend and pace for other agents to emulate. I have an experienced assistant with a real estate license to provide detailed service so that I can provide the needed time for viewing homes or promoting my listings with my clients. Prudential Connecticut Realty is an independently owned and operated member of The Prudential Real Estate Affiliates Inc., and Prudential is a service mark of The Prudential Insurance Company of America.

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