Assumable Mortgage Loans
Flrodia Home Sales in Palm Beach County, Martin County, St Lucie County

Assumable Mortgage Loan Information - 

An Assumable Mortgage allows a buyer to assume the rate, repayment period, principal balance and any other attached conditions of the seller’s existing mortgage instead of shopping to find a new one. When rates are low, mortgages that are assumable are attractive to buyers who may have qualified for a higher rate.


There are 2 types of typical loans that have this key feature.


FHA Mortgage Loans that are insured by the Federal Housing Administration.


VA Mortgage Loans guaranteed by the U.S. Department of Veterans Affairs.


Borrowers who consider assuming an existing mortgage may find this option to be easier and less expensive than having to shop for new mortgage loans or rates. The only catch is that the buyer will still need to apply and qualify under the lenders requirements as if it were a new mortgage.


With an assumed mortgage, an appraisal, as well as the cost associated typically will not be required. The potential result is an easier deal to close and hundreds of dollars in savings. However, buyers do still have the option to independently order an appraisal to lessen the risk of overpaying for the property which could be in the thousands.


Sellers of Assumable Mortgages might still be responsible for the debt after the buyer assumes if the buyer does not make the required payments and there has not been a Liability release or if on a VA Loan the entitlement has been left attached.
Flrodia Home Sales in Palm Beach County, Martin County, St Lucie County
Flrodia Home Sales in Palm Beach County, Martin County, St Lucie County
Why should you work with a REALTOR®?

It's a common question that we hear a lot, but it can be simply summed up with 7 simple reasons that don't even include the money gains that you stand to earn from your real estate sales. REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. If you're considering purchasing or selling a home in Palm Beach County, Martin County, St Lucie County, or anywhere else in Florida, then you REALLY need a realtor for many other reasons not even mentioned below.  There's a LOT more to it than most people realize, and the cost in time, money & energy to you for not having a REALTORS® can be staggering!

This is the REALTOR® difference for home buyers:
  1. An expert guide. Selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language.

  2. Objective information and opinions. REALTORS® can provide local information on utilities, zoning, schools, and more. They also have objective information about each property. REALTORS® can use that data to help you determine if the property has what you need.

  3. Property marketing power. Property doesn’t sell due to advertising alone. A large share of real estate sales comes as the result of a practitioner’s contacts with previous clients, friends, and family. When a property is marketed by a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally pre-screen and accompany qualified prospects through your property.

  4. Negotiation knowledge. There are many factors up for discussion in a deal. A REALTOR® will look at every angle from your perspective, including crafting a purchase agreement that allows you the flexibility you need to take that next step.

  5. Up-to-date experience. Most people sell only a few homes in a lifetime, usually with quite a few years in between each sale. Even if you’ve done it before, laws and regulations change. REALTORS® handle hundreds of transactions over the course of their career.

  6. Your rock during emotional moments. A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.

  7. Ethical treatment. Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters.

When looking for homes for sale in Palm Beach County, Martin County and St. Lucie County, Florida Home Sales can help you find your ultimate dream home.

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