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Are adjustable rate mortgages assumable?

Posted by marie26 (My Page) on
Mon, Aug 7, 06 at 10:32

Can I assume the mortgage of someone who wants to sell their home but has an adjustable rate mortgage? Are some assumable and others not, depending on the way the mortgage was written?

I was thinking that this might be a cheap way to get a house.


Follow-Up Postings:

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RE: Are adjustable rate mortgages assumable?

These are the type of questions that cannot be answers on a general discussion board.

Legal contracts are very individual. It would be like asking things like "Will my landlord let me paint?" or "Can I buy a car using a credit card?"

You will have to get a lawyer to read over the paperwork and tell you your options, if there are any.


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RE: Are adjustable rate mortgages assumable?

I know that each case is different.

I only wanted to know if it is usual for adjustable rates to be assumable. Or would that be extremely unusual.


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RE: Are adjustable rate mortgages assumable?

In most cases, mortages are not assumable, but why does that matter? The only point that is important is whether or not the particular mortgage in which you are interested is assumable, and for that, you need to check the contract.


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RE: Are adjustable rate mortgages assumable?

I don't think mortgages have been assumable for quite some time and if someone had that old of a mortgage, they would have quite a bit of equity. Ask on the buying and selling homes board, marie. A couple of the mortgage people will probably answer with information.

Gloria


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RE: Are adjustable rate mortgages assumable?

Gloria, good point. I will ask on the buying and selling homes board. I didn't know they went out of style.


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RE: Are adjustable rate mortgages assumable?

I can't see why you would want to assume an ARM. Typically a person tries to assume a mortgage because it locks in a low rate for a long time. Unless it's an ARM with significant tie left on it, why bother?


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