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An assumable mortgage allows the buyer to purchase a home by taking over the seller’s loan. VA, FHA, and USDA mortgages are assumable, and anyone can assume these loans. For VA assumptions, the buyer is not required to have VA eligibility.
Interest rates on assumable loans are often 2-4% lower than new loans, potentially saving you 20-40% on your monthly payment.
Since you're not originating a new loan, assumable loans have fewer closing costs and lender fees.
Assumable loans have less than 30 years remaining before they're paid off so you'll pay thousands less in interest over the life of the loan.
At HomeRate Advantage, we simplify the process for both you and the seller.
Any buyer who qualifies for an FHA or VA loan is likely eligible to assume a low-rate mortgage.
We’ll navigate the process with the servicer on your behalf. When you assume a mortgage, there’s no required appraisal.
Sale Rate
HomeRate Advantage is a specialized resource that connects homebuyers, investors, and agents with homes featuring assumable mortgages. We guide both buyers and sellers through the process, ensuring a smooth experience and protecting everyone involved.
Assumption mortgages were overlooked for years due to historically low rates, but rising inflation has sparked renewed interest. With increasing rates affecting housing affordability in high-cost markets, assumption loans are becoming a valuable option for many buyers.
Down Payment: 5%
Interest Rate: 7.50%
VA Funding Rate: $12,540
P&I Payment: $5,314
Down Payment: 5%
Interest Rate: 2.50%
VA Funding Rate: $3,800
P&I Payment: $3,002
Sign up to find homes that can be purchased with rates as low as 2%.
Get qualified to purchase your next home with the low-rate included.
We'll work with your agent and seller to ensure you close on time.
When you buy with HomeRate Advantage, you could save up to $20,000 in your first year alone.
For a $500,000 mortgage assumption, at a $550,000 sales price, our fee would be 1% of the sales price.
You could save up to $94,500 in your first 5 years of owning your new home.
HomeRate Advantage is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached. HomeRate Advantage is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
When you work with HomeRate Advantage to facilitate a mortgage assumption, we guarantee that you will close in 45 days. If the home does not close within this period, we’ll cover the seller’s mortgage payments until it does.
HomeRate Advantage’s Closing Guarantee is designed to give sellers peace of mind so they are receptive to assumption offers, knowing they are covered if something goes wrong. It also provides additional negotiating room and can help strengthen your offer in a multiple-offer situation when it occurs.
Need help with how to use HomeRate Advantage or have a general question? Drop us a line and we’ll respond back to you in double time fashion.
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HomeRate Advantage is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
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