An assumable mortgage is an existing mortgage loan that can be taken over by a new borrower. Here’s how it works: Instead of applying for a new loan to purchase a property, a homebuyer simply takes on the seller’s existing mortgage.
So long as the seller financed its home using a FHA-, VA-, or USDA-backed mortgage, as the buyer, you can "assume" the home’s mortgage and its monthly payments due to the bank.
You and your spouse may have decided to form a living trust, via a trust agreement, to hold your real property or other assets. If you are the mortgagee, or holder of an existing mortgage made by someone else to you, you may desire to transfer that mortgage into your trust as an asset. It may be much more difficult,
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The law allows a close relative who inherits property to assume payments on the mortgage and retain ownership of the property. A joint tenant, who shares title to the house, may also assume the mortgage; the most common situation involves a surviving spouse who still lives in the residence.
Or you might find a renter for your home so that you’re able to cover the mortgage during your absence. If you rent, you can time your travels to start as your lease ends, or you can find a subletter.
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DEAR BENNY: My mother died in February of this year. About a month before her death she executed a beneficiary deed leaving the home to me, her daughter. I was also the sole beneficiary of her will.
In some cases, a VA loan may be assumable, that is the buyer can take over the VA loan regardless of whether they are civilian or military. At one time, all homes purchased with a VA loan were considered assumable, but since then the rules have changed. Lenders and/or the VA need to approve a loan assumption.
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Take into account every last bit of money you have to spend on the property – the mortgage payment, condo fees (if applicable), taxes, insurance and maintenance. When calculating maintenance, follow.