Assumable Mortgages on the Gulf Coast — A Practical First-Person Guide by Meredith Folger Amon
Posted by Meredith Folger Amon on
Assumable Mortgages on the Gulf Coast: How They Work, What to Watch, and When They Make Sense
As a Gulf Coast real estate advisor serving Orange Beach — https://www.searchthegulf.com/orange-beach/, Gulf Shores — https://www.searchthegulf.com/gulf-shores/, and Ono Island — https://www.searchthegulf.com/ono-island/, I’m often asked whether an assumable mortgage is a smart path for buyers and sellers. When rates are higher than a seller’s existing note, the answer is sometimes yes. The key is knowing how assumptions really work, how the down payment and equity are handled, and what the lender will require.
What is an assumable mortgage?
An assumable mortgage lets a buyer take over the seller’s existing home loan—same interest rate,…
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