What are all my options?
by Mortgage Rates on Friday, November 19th, 2010 | 3 Comments
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It is extremely rare to find an assumable mortgage today so I wouldn’t plan on it if I were you. And you can’t refinance the loan, only the owner can. You will have to get a new mortgage.
It will go much faster and easier to refinance.
It may be a little cheaper to assume the loan- but it will take at least twice as long and you may not get as good of a rate that way- you also may not be as protected. You are buying a home- you want to be sure there are no mechanics liens and no legal problems from former marriages or inheritances.
Refi is obtaining a new loan to pay off an old loan.
It is doubtful you will be able to assume this loan. Most loans are written in a manner that prohibit another party from assuming them.
You will likely have to take out an entirely new loan to repay the existing loan.