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09-21-2006, 11:02 AM #1
Renter
- Join Date
- Sep 2006
- Posts
- 3
assumptions...
Ok, anybody who has anything to say about assumable mortgages, here's your chance to say it. I'd personally like to hear more about them, there's a lot to learn here. Like recently I found out that most newer assumable mortgages are formal assumptions (requires qualifying) I was told that ALL assumptions were what I now know are SIMPLE assumptions (non-qualifying). See, you learn something new everyday.
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09-25-2006, 03:45 PM #2
Renter
- Join Date
- Sep 2006
- Posts
- 3
still not fully clear on assuming mortgages
When I asked the question....What is the balance on the existing loan(s)?
The answer that I got from their realator was...
Bal. now is about 1.6 mil assumable @ 8.1% over the next 2.8~ years
Can someone please break this down for me, I get that he still owes 1.6mil and that it is at the interest rate of 8.1%, but what does he mean by "over the next 2.8~ years" I'm really confused now.
If anyone can clarify the situation I am truley greatfull.
Mike
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