The Secret Weapon for Buyers and Sellers in 2024: Assumable Mortgages
Mike Roberts
2024-08-28T16:35:48
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Are you tired of hearing about skyrocketing interest rates? Does the thought of today’s mortgage rates make you want to run for the hills? Well, hold onto your hats, because we’ve got some good news: the assumable mortgage might just be the secret weapon you need in 2024!
If you’re a buyer or a seller, you’ll want to pay attention to how this often-overlooked option can make all the difference in today’s tough real estate market.
Why Wait? Just Assume It!
How does an assumable mortgage work?
An assumable mortgage allows a buyer to take over a seller’s existing loan at the current interest rate, which could be significantly lower than today’s rates. Imagine locking in a 3% rate in a world where new mortgages are running at 7%—that’s not just a good deal, it’s a steal! Sellers, this is your golden ticket to making your home more attractive, get under contract faster and possibly at a higher price.
The “Don’t Worry, Be Happy” Approach to Buying
How hard is it to get an assumable mortgage?
Buying a home in 2024 with an assumable mortgage is like having a secret superpower. While the process might take a little longer (about 60 days on average), the payoff can be huge. Mike Roberts, co-founder of UMe Projects, shares how this approach helped a buyer close on a $470,000 home with the same monthly payment as a $300,000 home. If you’re willing to wait a little, the benefits could be well worth it!
Buyers, Don’t Let That 1970s Interest Rate Slip Away
Who is eligible for an assumable mortgage?
Assumable mortgages are making a comeback from the late 70s and early 80s when interest rates spiked, just like they’re doing now. If you’re a buyer, this could be your chance to snag a lower rate and keep your monthly payments manageable. It’s like finding a hidden treasure in the real estate market—why pay more when you don’t have to?
Sellers: More Money, Less Stress
What are the requirements to get an assumable mortgage?
For sellers, offering an assumable mortgage is like adding a cherry on top of your home’s appeal. Buyers are more likely to jump at the chance to take over a low-rate mortgage, meaning you can sell faster and possibly for more money. And let’s face it, who doesn’t want a higher return on their investment?
Assumable Mortgages: The Real MVP
What are the risks of an assumable mortgage?
Sure, there are some hoops to jump through, like qualifying for the mortgage and meeting the lender’s requirements. But with the potential savings on both sides, it’s easy to see why assumable mortgages are becoming the MVP of real estate transactions in 2024.
Ready to Jump In?
Why would someone do an assumable mortgage?
If you’re ready to explore assumable mortgages further, Mike Marr and his team are certified experts ready to help you navigate this exciting option. Whether you’re looking to buy or sell in the Phoenix metro area, they’ve got you covered.
For more insights on how assumable mortgages can be your secret weapon in 2024, be sure to check out the full video here and click the link below to get connected with an Assumable Mortgage Specialist in your area today!
