Last year, after Deb Jerikovsky's husband died, she decided to swap the lake home where they planned to spend retirement for a house in the metro that's closer to family.
Mortgage rates were still hovering near 7% last October when she ran across a listing for a townhouse in Coon Rapids, Minnesota, that touted a KitchenAid fridge, electronic blinds and an unexpected extravagance: a low-interest assumable mortgage.
The deal saved her about $700 a month compared with today's rates and gave her enough room in her budget to buy a new car and spend part of the winter with her aunt in Florida.
Most agents aren't even aware of what it entails and what to look for, said Tyler Miller, a local broker who has been involved with several sales involving assumable mortgages with astoundingly low rates.
#assumable-mortgages #record-low-rates #financial-opportunities #homebuying-hacks #real-estate-market
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