What is a loan assumption?

A loan assumption is when a qualified buyer takes over the seller’s existing mortgage, including the interest rate, balance, and terms.

What types of loans can be assumed?

FHA and VA loans are typically assumable. Conventional loans are usually not assumable unless specified by the lender.

Why would someone want to assume a loan?

To take over a loan with a much lower interest rate and shorter term, minimize closing costs (usually much higher when associated with a new mortgage), and/or simplify the buying process.

How do I start the loan assumption process?

Contact us today to find your potential next home that has an assumable loan. We’ll also connect your with our teams assumption expert (also a lender) to help with the paperwork details and outline next steps.

What makes your team different from most real estate agents?

We specialize in helping OUR Buyers find the BEST house and DEAL for them - including loan assumptions, one type of "seller financing", and our team handles the entire buying process — from finding the possible homes, writing your offer, walking you through contract contingencies (just like a traditional Buyer), AND our team manages the paperwork, lender communication, escrow coordination — maximizing your assumption approval chances. For Sellers, our team helps maximize your selling price and net proceeds through advanced negotiations, extensive seller financing knowledge, and education of fellow agents.