Re: Is this a realistic option?
05-24-2012 12:17 PM
Great! So if my mother is going to her local bank for the mortgage should she ask the LO if the loan is assumable at that point? Is it common for loans to not be assumable? Or are most loans assumable? I have no doubt that she wouldn't be able to qualify. Between her and my father their retirement income is well over six figures, their credit scores are fantastic and their own home is paid for.
Not sure if it matters or not but I would be looking to assume the mortgage by the end of the year.