Assumable Mortgages in the LBI Real Estate Market

Assumable Mortgages in the LBI Real Estate Market

Long Beach Island Real Estate Assumable Mortgages

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Long Beach Island Real Estate

An Assumable Mortgages in the LBI Real Estate Market is a type of loan that can be transferred from one party to another, often with the same rate, terms, etc. The transfer will usually only pertain to the amount of outstanding debt owed on the mortgage. Assumable mortgages on Long Beach Island are not commonplace, but they can make sense under the right circumstances.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Assumable Mortgages in the LBI Real Estate Market

The most common reason for a mortgage to be assumed is the interest rate. It is important to remember that mortgage interest rates on Long Beach Island will rise and fall with the national real estate market. Therefore, if we are in a period of rising rates, there may be a distinct advantage to assuming an old loan with a favorable interest rate. Furthermore, the cost of adopting an existing mortgage may be far less than starting over with a new loan. Usually, a mortgage will have an “assumption clause” that will spell out if a loan can be assigned to another party and under what terms it may be.

Long Beach Island Real Estate Assumable Mortgages

When buying a home in the Long Beach Island real estate market, it is essential to understand all your options. As I mentioned above, assumable mortgages are not commonplace on LBI, but they can make a lot of sense to both buyer and seller under the right conditions. A buyer can potentially save money on the interest rate, and a seller can potentially market a home with an assumable mortgage at a lower rate. Assuming a mortgage would make the home more appealing to buyers seeking financing. Therefore, an educated buyer and seller should be aware of this and if an Assumable Mortgage in the LBI Real Estate Market is possible. If you have any questions about buyingselling or investing in the LBI real estate market, please do not hesitate to contact me.

By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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