Mortgage rates that are high, or higher than they have been in recent memory, can be a real blocker for buyers and sellers. It may feel psychologically challenging to buy at a steeper rate than you would have gotten just a few years ago. And for sellers looking to exit one house for another, the same conundrum can apply.But what if instead of getting a new mortgage, you could simply take over the current homeowner’s existing lower-rate loan? Though not common, this is possible through what is known as an assumable mortgage.
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