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How to Assume a Mortgage

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Part of the video series: Mortgages

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How to Assume a Mortgage
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Summary: Assumable mortgages are no longer prevalent, but there used to be both qualifying and non-qualifying assumable mortgages. Learn how people used to assume mortgages on other people's terms with information from a licensed mortgage broker in this free video on personal finance and real estate.

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By Adriel Torres
eHow Presenter

Adriel Torres has been in the mortgage business for over a decade. He has owned two mortgage companies and is a licensed mortgage broker. Torres has been doing credit repair since...read more

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"Hello, how to assume a mortgage, that's going to be the discussion of today's topic. My name's Adriel Torres and I'm the owner of ultimatecredittoday.com. Now, assumable mortgages are not there anymore. Those are long gone. They stopped assumable mortgages back in the eighties. But when they were around, there were two types. There was an assumable mortgage, non qualifying and one that you had to qualify for. The non qualifying assumable mortgage basically just said you found an owner that's willing to sell the property and you didn't want to take out a mortgage in your name so you assumed their mortgage, their terms. You worked out the paper work with the bank and now the mortgage was in your name and obviously the title of the property in your name. The qualifying assumable mortgages, you had to qualify for that mortgage. Now, the reason you would do that is because the mortgage that was in place would have been lower in rate that what you could have gotten at the bank. Now if you were able to obtain a mortgage that had a lower rate on your on your own than the mortgage presently on the property you're going to buy then obviously you would take out the mortgage in your name. But those are the difference between the two assumable mortgages, a qualifying assumable mortgage and a non qualifying assumable mortgage. Again, my name's Adriel Torres. I'm the owner of ultimatecredittoday.com. Thank you very much."

eHow Article: How to Assume a Mortgage