how to find out if a loan is assumable

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A real estate agent is a good source for finding out the status of the local housing market. So is the Alberta Real Estate Association and the Lethbridge Real Estate Board.

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Courtney Atkinson

Century 21 Foothills - Atkinson & Associates

204 - 515 7 St S

Lethbridge, AB, T1J 2G8

Cell: 403.795.7777

info@courtneyatkinson.ca

how to find out if a loan is assumable

How do you find out if a loan is assumable?

Look to the loan agreement to determine if it is assumable by someone else. Then talk to the lender about specific requirements based on the value of the home.

Assumable loans permit one borrower to take over a loan from another borrower without any change in the loan terms. Such loans still exist but they aren't very common or popular (for buyers) in a low-interest-rate environment. Plus, today new assumable loans are almost always adjustable rate mortgages.

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