Sellers
With interest rates skyrocketing, your low-rate mortgage is a valuable asset.
Sellers that include a low-rate mortgage with their home typically find 5x more buyers that can afford the home. This increase in offers enables them to close faster and with higher proceeds.
As always, the seller receives 100% of their equity in the proceeds of the sale.
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Any homeowner that financed their home purchase with a VA, FHA, or USDA loan and has a mortgage rate below 5% is eligible.
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There is not a set cost, however, your present mortgage lender may charge a fee, that the lender sets. The Assumption Fee is typically paid by the purchaser. Other standard seller closing costs are incurred, as with any sale.
More answers are just a CLICK away. .CBV is free for sellers. We collect a fee of $125 from the buyer at closing to make the process easy and stress-free.
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The VA Mortgage Loan Program has gone through a myriad of changes over the years, and they all benefit the Veteran. Having your present loan assumed does not preclude you from obtaining another VA loan, however, it may affect the size of the loan that you can obtain without a downpayment. Only the Veterans Administration can determine how large of a loan you can obtain without a downpayment. There is a process to determine this, but there is no cost or obligation and our dedicated VA Loan Specialists can assist you.
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The person assuming your loan only needs to be able to financially qualify to be able to assume the loan. When the purchaser has “qualified” the loan is then in the purchaser’s name and the Veteran has no further liability.
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One of the many enhancements to the VA Mortgage Loan program is the ability of a Veteran to obtain another zero downpayment mortgage loan. However, if the price of the property being purchased exceeds the amount of the VA guarantee the purchaser will have to make a downpayment of a portion of the overage. Only the VA can determine how much eligibility a Veteran has available for an additional mortgage loan.
There is no cost or obligation to have one of our dedicated VA Loan Specialists assist you in determining this. Since the answer is probably part of your decision about allowing a purchaser to assume your present VA loan it is wise to determine your remaining eligibility prior to placing your house on the market.
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CBV will help you promote your property and explain the advantages of the transferable mortgage to potential buyers. After that, we’ll sort through any interested parties for you.
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Selling your home with an assumable VA loan opens up your property to a broader range of potential buyers. Those eligible for VA loans, including active-duty military members, veterans, and certain surviving spouses, can take advantage of this feature. By increasing the buyer pool, you improve your chances of finding a suitable buyer quickly.
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In a competitive real estate market, offering an assumable loan can give your property a unique selling point. Buyers may be attracted to the opportunity to assume a VA loan with its favorable terms, such as low or no down payment and potentially lower interest rates compared to other loan options.
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The assumption of an existing assumable loan typically involves less paperwork and can expedite the closing process. This can be advantageous for both you as the seller and the buyer, as it reduces the time and effort typically required to secure a new mortgage.
The ability to assume an assumable loan could lead to an increased willingness among buyers to pay a premium for your home. If interest rates have risen since you obtained the VA loan, the assumption can be especially attractive as the buyer can lock in a lower interest rate, potentially making your home more valuable to them.
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When a buyer assumes an existing VA loan, they may save on some loan fees and closing costs that are typically associated with obtaining a new mortgage. This potential cost savings could be an added incentive for buyers, making your home more appealing in comparison to other properties on the market.
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Buyers
An assumable mortgage is type of home loan where the buyer can simply take over the same mortgage plan the previous owner had. This can be great for buyers because it might mean paying less for your monthly mortgage. The good news is that many government-backed loans, like those from FHA, VA, and USDA, can be assumed, and there are plenty available for you to consider.
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The assumption of an existing assumable loan typically involves less paperwork and can expedite the closing process. This can be advantageous for both you as the seller and the buyer, as it reduces the time and effort typically required to secure a new mortgage.
While the homeowner’s current mortgage servicer will issue you the official approval, CBV will guide you through the process with the servicer to receive the approval to assume the mortgage. Generally, you are qualified to assume a FHA, VA, or USDA mortgage if you qualify for these same loans.
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When market rates on interest loans are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly. A low-rate assumable mortgage could be the key to buying your dream home for an affordable price.
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Once you sign up, we will reach out and compile a set of listings with a low-rate mortgage included .
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