Assume Your Mortgage

 This is when the buyer of your property takes over your existing mortgage including the amount owing, the balance of the remaining term, the existing rate and payment amount; they have assumed your mortgage. 

Here are two reasons to consider letting someone assume your mortgage:

    1. If you have a good interest rate on your mortgage, and want to sell your home for as much as possible, it may attract potential purchasers
    2. If someone assumes your entire mortgage, your lender should not charge you any penalty
  • Not every lender offers this option
  • The buyer must first qualify with your lender to assume your mortgage
  • You might want to keep your mortgage and so porting it to your new home as discussed earlier may be a better option for you. 

Lets find out if one of your options can be to assume an existing mortgage. I can be contacted at 519-760-4391 or melissa@melissabendo.com