|
|
|
|
 |
 |
 |
|
Welcome > Agent Info >
Testimonials ...
"Smooth Sailing"
"Thank you for all you've done to help us navigate through the home-selling process. Your classiness, knowledge and professionalism made for smooth sailing through sometimes choppy waters. We know that we are not our only clients, but you treat us and make us feel as though we indeed are."
Cathy D.
You have a story to tell about me. You've worked with me, and I've helped you buy or sell a home. I need your feedback. Others need your feedback, too! Please take a moment to fill out this form and tell me how I did...
Financing Your Home >Assuming a Mortgage
You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.
Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.
Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.
|
|
| Q |
Who is "Freddie Mac", and why is he a big name in real estate?
|
| A |
"Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans. |
 See More Real Estate Trivia > |
|
|
Deborah Herridge
Coldwell Banker Residential Brokerage
191 Main St.
Chester, NJ 07930
201-400-2980
Fax: 201-299-4819
Deborah@DeborahHerridge.com
|
NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
|
 |
|
 |
|
- NUMBER1EXPERT 
