Taking over a loan from someone else
We are taking over someone else's mortgage and we want to know the right process. Do I need to contact the lender and make the arrangements directly with them? What are the chances we'll get the same rates that the current buyer has? by ogiesvs296 from Davis Creek, California. Jul 18th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
First item to understand is that few loans are assumable these days... You'll need (or the current owners needs to) reach out to the lender to see if it is assumable, and what their process is. If it is assumable, it is almost for sure 'assume with qualifying', which means they simply do not let you take over payments. They also check you out to see if you are a good risk. If it is assumable, and you qualify, YES, you will take over the current persons rate and remaining terms. I'm a mortgage lender for properties in Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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