Want a Lower Mortgage Rate? Take Someone Else’s Loan


Dave and Melissa Hostetler thought-about slicing the checklist worth once more on their Rockville, Md., residence in June. As an alternative they determined to dangle one other goody earlier than potential consumers: their low-rate mortgage might include the home.

Mortgage assumption, because the apply is understood, is garnering consideration for the primary time in years. It’s sometimes allowed in government-backed mortgages just like the Division of Veterans Affairs program the Hostetlers used once they purchased their home in 2019. Providing up an previous mortgage can make a house more affordable, saving consumers tons of of {dollars} a month in contrast with market rates north of 5%.


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