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Ask Anything: Concord, Lake Norman and University City North Carolina home buying, real estate listings, and homes for sale in Mecklenburg County, NC

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Financing Your Home >Assuming a Mortgage

You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.

Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.

Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.

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Q	What oceanfront area is currently the most popular choice among people searching for second homes and vacation homes?
A	According to statistic published early in 2005, the Florida coast is the most sought-after vacation and retirement destination in the United States.
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Gary's Home Services--Your Own Personal Handyman
Gary's Home Services is a locally owned repair service specializing in issues including wood repair, roofing, and carpentry. Phone: 704-773-1630
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Neal Pender, REALTORŽ, real estate agent and broker for Concord, Lake Norman and University City North Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)

Neal Pender
Keller Williams Realty
6001 Gateway Center Drive Suite 105
Kannapolis NC 28081
Tel: 704 737-7653
Fax: 704-973-0060
Email: nealpender1@NUMBER1EXPERT.com
Since 1996, Neal Pender has been a full-time REALTOR helping people with real estate in greater Cabarrus County, Lake Norman and Charlotte. He creates raving fans as the result of an intense devotion to customer service. Neals clients benefit from his advanced negotiating expertise, trustworthiness and vast market knowledge.

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