Loan Assumption - What You Need To Know Before Assuming a Loan

[@ST-cx6jp]

Thank you Dan for educating buyers and sellers! In the meantime please inform us about the pros and cons of having a assumable loan! How I know sellers will be responsible for the loan payments if the buyer stops paying! Thank you I hope to hear from you soon!

[@johndavis2494]

I think we should think twice before getting into it.

[@crhoads13]

Super valuable piece of info! I doubt many people even know their FHA loan is assumable.

[@joshuacampbell9333]

this is so relevant today. you should think twice before you make these decisions

[@JM-ls8du]

Thank you very much for the info, I couldn’t find a video with the first steps to do it.❤❤

[@MultifamilySoCal]

You’re welcome 😊

[@Harlem_knights]

Gonna be selling my home in houston using this method hopefully I can find the right buyer🤞🤞

[@kartiersupremewhite330]

Extremely interesting and informative..

[@abigailmoore2602]

Valuable content indeed! It's great to know these things before assuming a loan.

[@oliviamiller5142]

So good I watched this first!

[@annacooper3230]

I’m a regular visitor on this channel.

[@cortneycampbell8291]

You are one of my favorite content creator!

[@shelbycollins2003]

Yup! been hearing this Loan Assumption now.

[@szentharvey9770]

Yes! we should now first the cost in assume loan.

[@szentisfonta6894]

Awesome! Thank you for sharing your thoughts about Assumption Loan

[@sarahwright1288]

Wow, this video quality is awesome, how did you record this?

[@laurajean7046]

Do I also need to file a quit deed to get co-owner off the title and pay those transfer land taxes too? He’s gifting me the full ownsrship

[@stiffilee3772]

Great piece of info. Sharing this!

[@claudiamacias9941]

Great content!

[@alvincabraljr.2769]

This is very timely since lot of people wants to loan

[@tylerwolf6880]

Thank you for the tips Sir! This is a very valuable information as I'm planning to get a loan.

[@ponce-87]

Hey brother, I live in Southern California and am interested in this. Is there someone I can talk to from your office?

[@amoshernandez2313]

Thanks for sharing your insights, Dan!

[@jonm6762]

Doing this right now. Getting a 2.65% loan.

[@halffeelee]

Did you have any issues with the lender calling the loan due? Or were you very transparent with the lender upfront?

[@ivanramirez9928]

@@halffeeleeyou have to be transparent. And in most cases your going through a loan servicer and not the actual lender. Loan servicer buys the debt from the lender and is receiving your monthly mortgage payments. As long as it will be your primary residence and you qualify than you should be okay. Some people may need a co-signer.. and it has to be their primary residence as well(on paper.)

[@stevenchapman5810]

I myself am starting the process hopefully on Wednesday at 2 and 1/4..

[@tijo45]

How do you find a property like this where you can assume the loan?

[@danblackwell]

when searching for properties online look in the description for assumable financing...should be detailed there and it's always good to ask a listing agent on a property you're interested in, if the loan is assumable

[@jayjaechua5007]

Very nice tips.

[@lunamoore1363]

I am enlightened.

[@waynewalker1302]

this is awesome to know. any thoughts about accounting for inflation?

[@danblackwell]

you make your money on the buy and upside in rents to hedge

[@alvinrichardson8944]

These three things are very helpful

[@joshualorde2028]

Glad to have known this!

[@oliviawhite9946]

Huge thanks for this.

[@joseparra4976]

Currently it's 90-120 days to assume a loan.

[@ivanramirez9928]

Yeah it’s crazy… I’m guessing that since loans have had low rates from 2016 - 2021 assumable loans weren’t as common or valuable as they currently are. So loan servicers are taking their sweet time to get used to the influx of assumable loans being put on their desks.

[@hilaryjorge1500]

cool! Thanks for providing this info!

[@lesliehatun2044]

What happens to the veterans VA HOME LOAN benefit? If I sell my ASSUMABLE loan WHAT HAPPENS TO MY BENEFIT?

[@avasmith4899]

Think hundred times.

[@jbanderson3338]

Now I know the next time I will loan

[@amirlincoln7183]

Thank you!!!

[@MultifamilySoCal]

You're welcome!

[@Pythonzzz]

I’m curious why lenders would agree to let a buyer assume a mortgage at a low rate in this high-interest environment? It seems like they would be incentivized to get rid of them and write new, higher interest loans.

[@javierw5395]

It keeps the business and payments/interest with their company.

[@brigittecartrette]

It’s only government loans and I don’t think they can deny it, it follows the “rules”.

[@extremegirlny]

I have a concern in regards to the amount. If a buyer assumes a mortgage, is it strictly for the amount of the balance or can it be restructure to assume for a higher amount???

[@jamarmills8575]

It's just for the remaining balance of the loan Let's say the seller had a loan of 8 million and they decide to sell it at the time that they have 3 .5 M left to pay off then that's what is assumable their could be nothing higher

[@DefSquadFan]

Is this the same for a car loan?

[@brianthompson1302]

You are so thoughtful! Thanks for sharing this!

[@ArreazasAdventures-ms8wn]

Thank you Pennywise🙌

[@baylorrosumny5713]

I was told you can’t assume a loan for a rental property… is that correct? Does it need to be for a primary residence only?

[@danblackwell]

you can assume a loan on an income property. For example, we help buyers assume several Chase loans on multifamily real estate.

[@kingmode4]

on a loan assumption is the seller able to make any money or is it just an avenue for them to get out from under the home/mortgage?

[@ivanramirez9928]

The seller can make money if they have equity in the home and if the value of their property has increased. And regardless if the seller doesn’t have much equity, assumable loans are very attractive with the current rates resting around 7-8%. So that gives the seller the upper hand. An assumable loan with a low rate is good debt. Find a realtor who’s knowledgeable about assumable loans.

[@kwmlin02]

0:50 Can seller refuse to let the buyer assume the assume loan? Or it just need loan company / bank agrees.

[@jamarmills8575]

The original lender has the say so in this case the buyer has to qualify by having great financial status and experience in order for the lender to approve the loan for them to take over first

[@nneisler]

how much was the equity portion?

[@ivanramirez9928]

It depends on how much equity the owner has from mortgage payments + the increase in value of their property. If you don’t have a lot of liquid money on hand it’s best to find an assumable loan owner who purchased from 2016 - 2021. That’s the sweet spot where interests are low and equity aswell.

[@danblackwell]

buyers for multifamily real estate in Socal are putting down on loan assumptions. approx 40 to 50% that's the average.

[@luissantiago6630]

does a company help you d a loan assumption?

[@halffeelee]

The lender and title company can, I’d imagine.

[@MiaogisTeas]

You spoke to us using agent lingo. We're not Real Estate agents, so don't use industry terms, use real-world terms. I had to go and look up half of the words you used but even then it didn't make sense because they're out of context. Also don't pay for comments, it's so obvious, and it's just sad.

[@RVAGrappling]

Has anyone here successfully assumed a loan?

[@Visions-of-the-future]

No

[@ms.B89]

Yes, it’s just like closing on a new home loan. Similar document request, process etc.

[@RVAGrappling]

7 months later here, I pulled it off. It took forever, total of eight months by the end of it.

[@isaiahreyes03]

@@RVAGrapplingthats awesome!

[@johnm5928]

@@RVAGrapplingcurious where you're located and did you pay any extra for the house? I'm about to put mine on the market with an assumable at 3.25 so just curious what the process was like from a buyers perspective. Thanks!