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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.

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Q	What does the common acronym FSBO (pronounced fizzbo) stand for?
A	For Sale By Owner. (Between 85 to 95% of existing homes are sold with a Realtor's help.)
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The Carol Audette Team, REALTORŽ, real estate agent and broker for South Burlington, Essex Junction and Williston Vermont home listings, property and land for sale - NUMBER1EXPERT(tm)

The Carol Audette Team
Lang McLaughry Spera
550 Hinesburg Road
South Burlington, VT 05403
Tel: 802-846-7819
Fax: 802-846-7809
Email: carolaudette@NUMBER1EXPERT.com
With over 24 years of experience and as a native Vermonter, Carol is often referred to as the local real estate expert. She has been honored for consecutive years as the top salesperson of her company. Her creative marketing plans and strong negotiating skills have not only gained the respect of her clients and peers, it has also earned her significant awards and recognition. With her commitment to treating each of her clients with integrity, quality, attention to detail and personal service, Carol has established a real tradition of excellence in Chittenden County. Who better to represent your real estate needs than The Most Trusted Name in Real Estate, Carol Audette?

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