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Lethbridge Assumable Mortgages

 

  Benefits for BUYERS:-


NOTE:-  In early 2009, new legislation mandated that buyers assuming mortgages MUST qualify.

 

Purchasing property with an assumable mortgage can be remarkably easy. When you assume a mortgage, you pay the seller the difference between the negotiated purchase price and the balance on the current mortgage. It is then your responsibility to take over the mortgage payments. The primary benefit is that you can save substantial closing costs and inherit what may be a favourable interest rate.Lethbridge-Assumable-Mortgage-Graphic1

It should be noted that assumable mortgages always require a down payment, and this is usually in excess of the 5% required by banks. Assumables are not necessarily a low-down payment option to conventional bank financing.

Assumable mortgages are frequently referred to by the amount of down payment required to assume. For example, if a property sells for $150,000 and you want to assume the current mortgage of $120,000, you would need to pay the seller the $30,000 difference and then take over the payments. This would be called a $30,000 cash-to-mortgage (CTM), or down payment.

Assumable mortgages are legal only in the Province of Alberta. An assumable can represent a great way to get into an Alberta home, especially if you are:

  • Self-employed.
  • Are new migrants, who have no credit history in Canada.
  • Want to take advantage of a possible lower interest rate on an existing assumable mortgage.

You must of course have the down payment available or have equity in your present home.

It's not easy for the average buyer to find assumable mortgages, especially in a hot real estate market. Such properties are in high demand and sell quickly, especially those with a low cash-to-mortgage.

If you are an investor, or first time buyer, then this type of property represents a great opportunity. Mary McLean's free computerized service automatically downloads a current list of all such properties every day. When you receive this free, no obligation service, you're automatically supplied with the most current list of Assumable Mortgage Properties on the market, in the geographic location and price range that interests you. Team Miller’s FREE service will save you time and effort, and guarantee that you don't miss out on those desirable low down CTM's!
 

  How it works:

Team Miller will send you a FREE computerized report listing the current Assumable Mortgage Properties in your preferred location and price range. There is no cost for this information. After receiving our information, you will have an instant advantage over other buyers in the marketplace.

It is important that you include the maximum amount you would like to use as a cash-to-mortgage down payment, also the maximum price and the location(s) you would be interested in.

Please Note:- To receive this information you must not be working with another real estate agent. (Mary McLean considers it unprofessional, and highly unethical, to provide such information if you are already working with another agent or brokerage.)

We regret that requests submitted without a telephone number for verification purposes will not be answered.

If you are financially able to make a down payment, you owe it to yourself to apply for this information today. Simply fill out the form below.

DISCLAIMER: Mary McLean is not a licenced mortgage brokers and recommend you seek professional advice regarding your financing.
 

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