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2008 UPDATE: There have been some big changes in recent months to Alberta's assumable mortgages. Most banks have closed the door on being able to assume a mortgage without qualifying. Seller Assissted Financing programs are available from some lenders, so call your Vostner Bell representative for more information.
Assumable Mortgage: A loan that allows a home buyer to take over a seller’s mortgage when purchasing a home.
Example #1:
- Joe wants to sell his home for $495,000 and has an assumable $450,000 loan at 5.4% interest. Mark wants to buy Joe’s house. Mark only has to put down $45,000 (plus closing fees) to take over Joe’s house and mortgage.
Although low-down/assumable mortgages are somewhat rare nowadays, they are out there. A homeowner with an assumable loan can "hand off" the loan to a buyer instead of paying it off using proceeds from the home sale. This is of benefit to some homeowners who may be facing hefty penalties or closing costs if they try to pay off their mortgage early. If rates are low and you can get your choice of property by assuming the existing mortgage, by all means do so.
- Pro: Reduces monthly payments and saves money on closing costs.
With assumable mortgages in Calgary & Southern Alberta, people with less-than-stellar credit can buy homes - as long as they're not too picky about the house or condo they want and they are willing/able to pay the downpayment or CTM (cash to mortgage) asked for. Assumable mortgages can help bruised-credit borrowers reap the benefits of homeownership just like their more creditworthy cousins.
Find low-down & assumable properties by clicking here or call (403) 689-1199 or (403) 830-5800 to ask a Vostner-Bell team member for current assumables.
ASSUMABLE MORTGAGES in CALGARY
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Assumable mortgages and information on fixer-uppers and low-down houses / homes from MaxWell Realty Realtors Tess Vostner Bell. and Jason Bell, Calgary realtors, MaxWell Canyon Creek, Calgary housing, Tess Vostner Bell Realty Team, Real Estate Calgary, Calgary Real Estate, Calgary Realtors, calgary real estate agents, Calgary Properties, Calgary properties for sale, Calgary Homes, Calgary Listings, Calgary Property Listings, Calgary Alberta, Alberta Real Estate, Alberta Realtors, house Realty, New Homes, Homes For Sale, Calgary Homes For Sale, Calgary Real Estate Properties, Alberta Relocations, Moving to Alberta, Moving to Calgary, Home Appraisals, Maxwell Calgary offices.
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