Assumable Loan Seller’s FAQ
How do I take advantage of Assumable Loan?
Make sure to tell your Realtor or real estate professional. This is a huge selling point in today’s rising rate environment. Making sure that your real estate professional informs buyers about this cost savings is the first step!
How does a buyer assume my mortgage loan?
The process of assuming a mortgage loan is similar to securing brand new financing. We’ll work with your buyer to qualify them to take over your loan.
Since we already own your loan, you’re a step ahead! A Lakeview mortgage specialist will do most of the work with your buyer, and you’ll have some paperwork to sign.
What happens after the buyer assumes the loan?
As a part of the assumption closing process, you’ll receive paperwork that releases you from any liability or responsibility for the original loan. Once the new buyer closes on the transaction, you’ll no longer be associated with the original loan, so you’re completely protected if the new buyer fails to make their payments.