What is an
assumable Mortgage?

An assumable mortgage is a mortgage that allows a buyer to purchase a home and assume a seller’s existing low-rate mortgage rate.

*This page is for educational purposes only. Lamacchia Realty, Inc. is not a licensed mortgage broker or lender.

HOW CAN A MORTGAGE ASSUMPTION HELP ME?

Assumable-Mortgages-Sellers

SELLERS

What’s in it for me?

  • Marketing edge
  • Sell for more
  • Negotiating power

Allowing buyers to assume your current mortgage (and low rate) will help you sell faster and often for a higher price. In fact, buyers are willing to pay more to obtain a lower interest rate since this will save them money in the long run. In the instance of a fully executed assumed mortgage transaction, you will be released from the loan and will no longer be held liable.

Imagine there are two homes for sale for the same price and one is offering a 3% mortgage assumption vs a 7% traditional sale at the current market rate. That’s a savings of approximately $1,219 monthly for the average home buyer if the home value was $500,000.  Which do you think the buyer would want?

If you are a homeowner/seller with an FHA, VA, or USDA mortgage who is looking to sell your home faster and preferably for more, click the button below.

*This page is for educational purposes only. Lamacchia Realty, Inc. is not a licensed mortgage broker or lender.

BUYERS

What’s in it for me?

  • Lower rates
  • Fewer closing costs
  • Smaller monthly payment
  • Pay off mortgage sooner
  • Long term savings
  • Permanent unlike a Buydown

This program will help homebuyers obtain mortgages with historically low rates that are now behind us and impossible for buyers to get with a new mortgage.

By obtaining a lower interest rate you can potentially save hundreds of thousands of dollars over the life of the loan!  You also save money on normal closings cost associated in purchasing a home.

*This page is for educational purposes only. Lamacchia Realty, Inc. is not a licensed mortgage broker or lender.

If you are a buyer interested in obtaining a property with a mortgage rate between 2% and 4%, click the button below.

Home Market Price:

$500,000

on a $500K mortgage, compare a rate of 7% to 3%

$500,000 @ 7%

$3,327/MO

$500,000 @ 3%

$2,108/MO

Buyer Saves

$1,219

A Month

$14,628

A Year

Pie-CHart

*This page is for educational purposes only. Lamacchia Realty, Inc. is not a licensed mortgage broker or lender.

There is an application process involved just as there would be for any buyer obtaining a mortgage or any seller trying to change the terms of their mortgage. There are many factors that can come into play. Fill out the form below and let us help you get started!









ADDITIONAL RESOURCES

Search for the perfect home

Other questions you may be asking yourself

Are all mortgage types assumable?

With FHA/VA/ USDA mortgages its actually written into the mortgage documents that its allowed so its most common with those mortgage types.  But other loan types could qualify. 

Fill out the form above to learn more.

How do I qualify for an assumable mortgage?

The application process is similar to the standard mortgage application process in that an application will need to be submitted along with documentation to support your income and employment status, tax returns, proof of assets, credit score, proof of down payment funds, etc.

Fill out the form above to learn more.

Mortgage Calculator

US AverageMortgage Rates
30 Year Fixedloading...
15 Year Fixedloading...
5/1 ARMloading...
logo for Lamacchia Links

Finding the Perfect Match for Buyers and Sellers.

Homes that are not listed traditionally are restricted from public display (like MLS and other search sites) by local regulations, but Lamacchia Realty agents have the ability to make these privately listed off-market homes available to you.

Lamacchia Realty, Inc. is not a licensed mortgage broker or lender. The information on this website is for illustrative and educational purposes only and is not intended as an offer or solicitation for any mortgage product or any financial instrument. Consult with a licensed mortgage broker or lender for specific loan products and for more information about underwriting guidelines, interest rates, borrower qualifications, and other requirements you may need to meet to qualify for a mortgage loan or a loan assumption.

© Copyright 2024 Lamacchia Realty - All Rights Reserved.

Lamacchia Realty, Inc and the Lamacchia Realty logo, are federally registered trademarks of Lamacchia Realty, Inc. Lamacchia Realty, Inc. fully supports the principles of the Fair Housing Act and Equal Housing Opportunity. Listing information is deemed reliable but is not guaranteed.