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Harrisburg area Cumberland, Dauphin, and Perry Counties
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Old 09-16-2014, 12:44 PM
 
6 posts, read 6,993 times
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Found an interesting article regarding assumable mortgage homes in the York County, PA area. Anyone ever have any experience with assuming a mortgage. Noticing more and more homes being advertised as assumable as rates rise of 2013 lows.

Original article:

http://www.zumption.com/Pages/Assuma...unty-Residents
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Old 09-16-2014, 08:15 PM
 
Location: Midwest transplant
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My parents did this many, many years ago. They were in the position to put enough down (what the previous owner had built up in equity) to take advantage of a lower interest rate than what was being offered with new conventional mortgages. I would be very careful in this day and age about assuming a mortgage, especially if the mortgage was for greater than the appraised value of the home.
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Old 09-17-2014, 07:39 AM
 
6 posts, read 6,993 times
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Any other reason to be careful, aside from in the scenario where the mortgage is underwater as you mentioned?
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