Mortgage interest rates have just clipped 8%, making affordability less affordable. But what is there was a way to buy a home and get the below market rates of yesterday (or yesteryear)?
It's possible with an assumable loan. With an assuamable loan, you're buying the home but you're also buying the current seller's loan and interst rate. How exactly does this work and what's involved? Watch my latest episode of Facebook Live at 12:05 where Marti Watson of Potomac Title Group Services walks us though how this works.
Despite high interest rates, the Alexandria VA real estate market is still a sellers market. Buyers are facing competition and that can mean offering more than the asking price just to win, a double whammy of price and monthly mortgage payment.
In some cases, buying a home with an existing assumable loan, could mean the difference between hundreds, or thousands of dollars in your monthly mortgage payment.
If you have questions, let's connect and see what other strategies will help you buy a home in today's market.