The Case for an Assumable Loan

A home doesn’t have to come with today’s interest rate. On one of my recent listings, buyers had the option to step into the seller’s existing loan, locking in a rate well below what’s available today and saving tens of thousands of dollars over the life of the mortgage.

Assumable loans aren’t new, but they’ve become one of my favorite tools in this market. FHA and VA loans are often assumable, which means a qualified buyer can take over the seller’s mortgage, rate and terms included, instead of starting a new one. It takes some coordination (lender approval, a clear title and a little patience), but for the right home it can make all the difference.

If you’re selling a home with an assumable loan, I’ll make sure buyers know about it. It belongs front and center in your marketing, not in a footnote. And if you’re buying, it’s always worth asking before you rule a listing out. Have questions? I’m happy to walk you through how it works.