The 3% Mortgage Hiding Inside The House
When buyers tour a home, they usually evaluate the kitchen, bedrooms, neighborhood, backyard and asking price.
But today, the most valuable feature of a home may be something you cannot see.
It may be the seller’s mortgage.
The national average for a new 30-year fixed mortgage is approximately 7.5%. But millions of homeowners purchased or refinanced when rates were between 2% and 4%.
What if a buyer could purchase the house and take over that existing low-rate mortgage?
That is called a mortgage assumption.
Instead of obtaining an entirely new loan at today’s rate, a qualified buyer may be…
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