Guide to Assuming the Mortgage in Divorce
Are you going through a divorce and wondering how you can assume the mortgage without refinancing the existing mortgage? If yes, then this guide is for you!
Nobody wants to refinance out of a 3.25% interest rate and to to 7% or higher. During divorce, sometimes there is little choice - but there's always options.
What are your options for assuming the mortgage in divorce and is it really in your best interest?
This guide will help you answer questions like these and more:
- Breaking down the two types of loan assumptions.
- How to determine if your current loan is assumable.
- How a loan assumption may not be your best option from a tax perspective.
- What lenders look for in determining if you will qualify for a loan assumption.