 |
Assuming a Mortgage |
| |
 |
I have a couple questions about assuming anothers mortgage:
1. If I assume the mortgage, will the loan then be in my name, my credit?
2. Would I be able to obtain 2nd mortgage against property after assumed.
3. Are there normal closing costs associated with assumption?
|
| |
| |
 |
First of all, few mortgages are assumable the way you may remember from many years ago. But FHA and VA mortgages can be assumed by the next owner of the property, if the new owner can qualify with good credit and sufficient income. In most cases a relatively modest assumption fee would be due.
As for a second mortgage -- you'd be in the same situation as any other homeowner with a first mortgage. Further borrowing would depend on the value of the property, the amount of your equity, and your credit and qualifying income.
|
| |
|
Edith
Originally published on May 29, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
