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Is there a way to sell or transfer your mortgage with your house?

2,251 Views | 19 Replies | Last: 1 yr ago by thann07
The Silverback
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4:19p, 1/25/23
AG
If you have a high value mortgage with a 2.5% rate anyway you can capitalize on this if you wanted to sell your home?

Would owner financing really be the only way?
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SoTheySay
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In reply to The Silverback • 4:59p, 1/25/23
S
What type of loan do you have? Some loans are assumable - usually FHA, VA and USDA.
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The Silverback
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9:29a, 1/26/23
AG
Was a construction loan one time close with Amegy Bank. Not 100% sure the specific product it is though?
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SoTheySay
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In reply to The Silverback • 11:20a, 1/26/23
S
I'd double check with the bank but I'm thinking it's not likely assumable.
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Win At Life
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12:48p, 1/26/23
AG
The first two houses my father "bought" in the 70's were assumable loans. His 3rd, and still final house, he paid cash. The man never took out a loan to buy a house in his life.
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AgsMyDude
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In reply to The Silverback • 2:08p, 1/26/23
AG
Call your lender and ask
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Captain Winky
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In reply to Win At Life • 3:49p, 1/26/23
Cool.
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rme
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In reply to Win At Life • 4:28p, 1/26/23
AG
That is cool, I wonder how unique that is?
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jja79
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In reply to Win At Life • 4:46p, 1/26/23
AG
Did he assume those assumable loans?

Assumable loans are a relic now.
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Red Pear Realty
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7:31p, 1/26/23
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AG
All VA and FHA loans are assumable.

I sold a house this summer that was a VA loan and the buyer stepped into the sellers note at 2.50%.
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Win At Life
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In reply to jja79 • 7:33p, 1/26/23
AG
jja79 said:
Did he assume those assumable loans?

Assumable loans are a relic now.
Yes.

Well, I told you he did that in the 70's. They were more common back then.
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jja79
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In reply to Red Pear Realty • 8:04p, 1/26/23
AG
I said that wrong. Should have said not as common today. When I started in this business there were many types of assumable loans. Good catch.
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SteveBott
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8:13p, 1/26/23
AG
As said some govt loans can be assumed. But the buyer now have to qualify under the underwriting guidelines. Since we have an inverted rate market assumption can make sense.

For a long time all the assumable old loans had high rates so new loans made sense. Someone correct me about the qualifications part.
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AgsMyDude
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In reply to Red Pear Realty • 8:46p, 1/26/23
AG
Red Pear Realty said:
All VA and FHA loans are assumable.

I sold a house this summer that was a VA loan and the buyer stepped into the sellers note at 2.50%.


Assuming you'd have to qualify for a VA or FHA loan in order to assume?
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SoTheySay
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5:52a, 1/27/23
S
You have to qualify for the loan but with VA you don't have to be a veteran to assume.
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Red Pear Realty
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6:29a, 1/27/23
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AG
To me, the "catch" wasn't in sone rule, but rather in the fact that the new buyer had to have enough liquid cash to pay the seller their asking price, even though the difference in market value and the loan amount has separated drastically in most homes recently.
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AgsMyDude
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12:46p, 1/27/23
AG


Didn't realize buyer had to essentially pay off the sellers equity in cash but that does make sense actually.
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HarleySpoon
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1:19p, 1/27/23
AG
Mortgage lenders learned their lesson in the late 70's/early 80's.

I think there will continue to be constrained supply because folks won't be willing to give up their cheap mortgages. This has happened before.
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ChoppinDs40
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In reply to HarleySpoon • 8:15a, 1/29/23
AG
Exactly this. It kinda sucks but is also good. We're trapped for a long time. House has gone up 50% in value in 2 years and we're locked in at 2.5%.

We couldn't afford (we could but I wouldn't do it) our same house in this interest rate environment. Kinda scary actually
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thann07
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In reply to ChoppinDs40 • 12:11p, 1/29/23
AG
ChoppinDs40 said:
Exactly this. It kinda sucks but is also good. We're trapped for a long time. House has gone up 50% in value in 2 years and we're locked in at 2.5%.

We couldn't afford (we could but I wouldn't do it) our same house in this interest rate environment. Kinda scary actually
This is happening everywhere (maybe not 50% value and maybe not 2.5% all around) to some degree.
I may be forced into a move due to work circumstances and it's--not appealing. Almost to the point of major commuting.
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