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Financing Your Home >Assuming a Mortgage

You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.

Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.

Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.

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Q	What 6,500 seat American theater was the location for the scene where the original 1933 King Kong breaks his chains onstage?
A	The famous Shrine Auditorium in Los Angeles, built by the Shriners in 1906 to resemble an exotic Arabian mosque.
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The Brad Korb Team, REALTOR®, real estate agents and broker for Burbank, Glendale and North Hollywood California home listings, property and land for sale - NUMBER1EXPERT(tm)

The Brad Korb Team
RE/MAX in Action
3813 W. Magnolia Blvd.
Burbank, CA 91505
DRE License # 00698730
Phone #: 818-953-5300
Fax #: 818-953-5309
Email: bradkorb@NUMBER1EXPERT.com
RE/MAX in Action is licensed in the State of California.

Meet Brad Korb, an individual who knows the importance of maintaining focus. He believes that true success comes from making goals for what matters most in life. And whether he's with his family, interacting with his community or helping his real estate clients, Brad enjoys successful results because of his unique ability to visualize a goal and make a plan for accomplishing it.

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