How Do I Find a Home With an Assumable Mortgage?

For many buyers curious about how to find assumable mortgages, the search is like a dual treasure hunt. You’re browsing homes for sale, searching for the perfect fit for your budget, and at the same time, trying to find out if the seller’s loan is assumable. But if you succeed in the search, you can sidestep today’s high mortgage interest rates and secure a monthly payment that could be hundreds of dollars less. Because of these golden benefits, assumable loans are in demand. Along with the obvious advantage of a lower interest rate, an assumed loan can come with fewer transaction fees and greater speed. Partner With a Top Agent Familiar With Assumable Mortgage Listings HomeLight can connect you with a top-performing real estate agent who understands the ins and outs of assumable mortgage listings in your market. “Assuming an existing mortgage can save you on closing costs,” says Eric Broesamle, a top Michigan real estate agent who works with nearly 74% more single-family homes than the average agent in his Mount Clemens market. “There are typically fewer fees involved when you do an assumable mortgage rather than a new origination. Plus, the approval process can be faster.” In thi...