Assumable Mortgages San Antonio
Stuck in Your 2020 Dream Home? Here’s How Your Low Mortgage Rate Can Be Your Ticket Out
Remember the thrill of scoring a fantastic home in 2020 or 2021 with rock-bottom interest rates thanks to your FHA, VA, or USDA loan? Fast-forward to today, and life throws you a curveball—a job relocation, a growing family, or simply a change of scenery. Selling might seem daunting. Interest rates are higher, and affording another home feels like a distant dream.
But hold on! You might not be aware of a hidden advantage – your existing low-interest rate. It’s a secret weapon in today’s market, and here’s how you can leverage it:
Assumption: Your Secret Weapon for Selling (and Possibly Buying Too!)
There’s a process called “assumption” that allows you to transfer your low-interest rate to the new buyer. In a market with rising rates, offering a home with a significantly lower monthly payment is incredibly attractive. This can open doors to a wider pool of buyers, including investors seeking strong rental yields due to the lower carrying costs.
Assumption Can Help You Find Your Next Perfect Home Too!
Yes, a traditional sale can be faster, closing in around 30 days. A mortgage assumption sale, while taking about 60 days due to the added steps involved in qualifying the buyer for your low-interest rate, can be a more lucrative option. The potential benefit of attracting a wider range of buyers with a more attractive financing option can help offset the slightly longer closing timeframe. In a competitive market, your assumption offer can be a powerful tool to stand out.
Imagine this: you sell your current home through the mortgage assumption process or at least leverage it for higher offers. Now, when searching for your next place, you’ll have more breathing room when qualifying for a new mortgage at a higher rate or, better yet, assuming another low existing mortgage rate.
Here are a few homes on the market in San Antonio with assumable mortgages.
Assumption Opens Doors to On-Market and Off-Market Properties
The beauty of assumption goes beyond attracting buyers. As a buyer, you now have the knowledge to help uncover assumption deals with below-market rates for yourself to buy. By letting sellers know you’re pre-approved for an assumption and eager to move quickly, you can become a very attractive option, especially for motivated sellers who might be open to considering assumption offers. Additionally, you can work with your realtor to identify off-market properties where sellers are unaware of their assumption marketing option and sell to you with no competition!
Turning a bad situation into an Opportunity
The housing market has its ups and downs. Don’t let a change in circumstances leave you feeling trapped. By leveraging your low-interest rate through mortgage assumption, you can turn a potentially stressful situation into a smooth transition.
Ready to Explore Your Options?
Contact me! As a realtor experienced in mortgage assumption transactions, I can help you navigate the process, understand your qualifications, and determine if mortgage assumption is the right strategy for you.
Let’s explore your situation, answer your questions, and unlock the hidden power of your low-interest rate. We can turn your current home into a springboard for a smooth move to your next perfect place, using assumption to your advantage both as a seller and a buyer.