Can I assume a mortgage?
Assuming a mortgage is the process of taking over a mortgage from someone else when you buy a home. In the past, many lenders have allowed people to assume a mortgage with out having to qualify for the mortgage themselves. This was very popular for people who for some reason could not get a mortgage on their own. It was therefore a big selling feature for realtors, as they could advertise a home that just about anyone could take over if they had the required down payment.
However, in recent times, many lenders have stopped allowing people to assume a mortgage unless they do qualify. We are finding more and more that banks and lenders will allow their mortgages to be assumable, subject to the condition that the new buyer completes an application and meets all the guidelines for that bank.
This change over the past few years means the attraction to buying a house with an assumable mortgage has almost disappeared. Clients will still have to qualify on their own now, so often they will prefer to get the mortgage they want, from a lender of their choosing.
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