It's Dylan Jovine here from Behind the Markets, and we're diving headfirst into 2024 with some jaw-dropping mortgage insights.
I recently stumbled upon a mind-blowing article from Business Insider that had me scratching my head. Can you believe mortgage rates are hanging out at a hefty 7.519%? I know, it's a wild way to start the year. But here's the kicker - I found out about a Phoenix man who managed to snag a mortgage with a jaw-dropping 2.375% rate! Yeah, you heard me right.
Now, I'm not exactly the mortgage expert, but this guy's secret? Something called an Assumable Mortgage. Cue my confused expression as I wondered, "What on earth is that?" So, I did a bit of digging, and I'm here to spill the beans for your benefit.
Picture this: our Phoenix friend assumed the mortgage from the seller. It turns out not all home loans are created equal, and most conventional ones don't play nice with this assumable game. But fear not! Loans backed by the FHA, VA, and USDA (yes, they issue mortgages too) are assumable. Plus, there's a bunch of conventional loans in the mix too.
So, if you're on the hunt for your dream home or even just considering a purchase, do yourself a favor and check if the mortgage on that property is assumable. It could be the golden ticket to a 2.375% rate.
I might not be a mortgage wizard, but this info hit me like a ton of bricks, and I've been in the investing game for years. I thought it's only fair to share the wealth with you all.
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behindthemarke...
6 окт 2024
