8 days ago
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Posted On: October 28th 2026, 06:58 pm
A 3% mortgage rate sounds like a great deal. But there’s a catch.
An assumable mortgage allows a buyer to take over the seller’s existing loan, including its interest rate.
Here’s what most people miss:
If you’re buying a $600,000 home and the seller only owes $400,000, you’re responsible for covering that $200,000 difference.
That doesn’t mean assumable mortgages aren’t worth exploring. It means you need to understand the numbers before making an offer.
A low interest rate doesn’t automatically mean a better deal.
Would you consider an assumable mortgage if it meant bringing significantly more money to closing?
Armando Morales | Sr. Mortgage Consultant
NMLS 2135076 | (305) 399-4850
Elite Lending | NMLS 2059938
An assumable mortgage allows a buyer to take over the seller’s existing loan, including its interest rate.
Here’s what most people miss:
If you’re buying a $600,000 home and the seller only owes $400,000, you’re responsible for covering that $200,000 difference.
That doesn’t mean assumable mortgages aren’t worth exploring. It means you need to understand the numbers before making an offer.
A low interest rate doesn’t automatically mean a better deal.
Would you consider an assumable mortgage if it meant bringing significantly more money to closing?
Armando Morales | Sr. Mortgage Consultant
NMLS 2135076 | (305) 399-4850
Elite Lending | NMLS 2059938
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