The pursuit of the American dream, particularly homeownership, is now fraught with challenges, especially due to soaring mortgage rates which have more than doubled in the last five years. As fixed mortgage rates approach 7%, prospective buyers are investigating alternative financing routes such as assumable mortgages. An assumable mortgage allows a buyer to take over a seller's existing home loan, retaining its lower interest rates. This option can save buyers substantial amounts of money compared to new loans with higher current rates, making it an attractive alternative in today’s market.
With fixed rates hovering around 7%, buyers are on the hunt for creative financing options, like assumable mortgages.
Instead of getting a brand-new mortgage when you buy a house, you take over (assume) the seller's current loan, keeping its original interest rate.
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