LOAN PROGRAMS - continued |
Assumption of existing loan |
In some cases, the sellers existing
loan on the property can be more attractive than the loans available
on the market. Study the options carefully to make sure this is really
the case. If the loan is assumable, you may still have to qualify for
the loan, but the fees may be less than originating a new loan. If the
loan is not assumable, don't try to sneak it by the lender - it's not
worth it. |