Performance Property Real Estate Question

How To Get A 3% Mortgage Loan Today

Q: Is there any way to get a low mortgage interest loan right now? Mindy, Montclair, NJ A: 30 year fixed annual mortgage rates right now are at about 8% which is much higher than they were in recent history. One way to get a lower mortgage rate when you buy a home now is by assuming a loan from a home seller who currently has a mortgage loan with a lower interest rate. Most home buyers don’t know about mortgage loan assumptions. When a buyer buys property and assumes a mortgage, the buyer becomes primarily liable for the debt. Although FHA is currently only processing about 3,000 mortgage loan assumptions per year, more than 20% of all active mortgages […]

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