Loan assumptions remain rare, but interest in them is rising as buyers face mortgage rates near multiyear highs
Despite forecasts for a cooling housing market in 2022, U.S. home prices are still hitting record highs, even with mortgage rates surging in recent months. WSJ’s Dion Rabouin explains what’s driving demand, evidence of a slowdown on the horizon, and what that could mean for the economy. Photo composite: Ryan TrefesDave and Melissa Hostetler considered cutting the list price again on their Rockville, Md., home in June.
Mortgage assumption, as the practice is known, is garnering attention for the first time in years. It is typically allowed in government-backed mortgages like the Department of Veterans Affairs program the Hostetlers used when they bought their house in 2019. Offering up an old mortgage can
I didn’t think the did assumable loans anymore. Back in the 80’s thats how my Dad would by properties. Interesting!!!
There was a time, pre-Volcker, when obtaining an assumable loan was on every buyer’s wishlist.
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