How to Sell a House with an Assumable Mortgage
AuthorAmanda Dodge. Date:
In late 2021, mortgage interest rates dropped below 3%, making loans affordable for buyers who were looking to enter the housing market. In 2024, the average 30-year fixed interest rate is around 7%, increasing monthly mortgage payments and making loans more expensive. These higher interest rates may change how people shop for homes and affect how much the average buyer can afford. One option for sellers who want to attract buyers in an uncertain market is to offer an assumable mortgage. This option comes with several benefits, but also some drawbacks and considerations. Learn more about this option if you need to know how to sell a house with an assumable mortgage. What Is an Assumable Mortgage? As a seller, an assumable mortgage allows you to transfer your current mortgage to your buyer, potentially allowing them to take advantage of your favorable interest rate. Buyers like assumable mortgages when rates … Continued
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