Contact Us Today. When we sell your home, we make sure it's exposed to as many people as possible with one of the most extensive internet marketing campaigns you will find in the real estate industry. When you are thinking of buying, our comprehensive service allows us to work exclusively with you to make sure you find the home that is right for you.
The purchasing of a home is probably the largest and most expensive financial transaction people will ever undertake. Unless you are lucky enough to be independently wealthy then when we decide to purchase a home, some type of financing is usually involved. The most common type of financing for a home is a bank issued mortgage. There is another type of mortgage available though that few people are aware of. The assumable mortgage. This type of mortgage allows the buyer of a home to take over the mortgage already attached to the property by the seller. This is often an easier method for a lot of buyers and only requires the original mortgage lenders approval.
You can also find more in-depth information on Assumable Mortgages by Clicking Here.
Assumable Mortgage Listings
| All Listings | $100,000 - $200,000 | $200,000 - $300,000 |
| $300,000 - $400,000 | $400,000 - $500,000 |
38 Search Results Found. Showing Results 1 - 15.
Close to walking trails and ravine, also shopping, schools and transportation. A one bedroom...
ASSUMABLE MORTGAGE without qualifying!! Over 100,000 mortgage can be assumed without qualifying-bi-weekly...
This property is a must see and has great value you won't find anywhere else. Top floor corner...
Spacious and trendy upgraded 1121 square foot 3 bedroom 2 storey townhouse has newer ceramic...
Location, location, location! This third floor condo with balcony has just been renovated....
Solid high rise condominium in Oliver. One bedroom unit with open floor plan. Good size living...
Beautiful 1000 sq.ft. townhouse with 3 bedrooms and 2 bathrooms.
PRICE REDUCED! High Assumable Mortgage with less than $2,000 down. Large and well maintained...
12308 - 104 Street. Cozy and sweet FULLY UPGRADED Semi-Bungalow in central community of Westwood...
3 bedroom condo, close to all amenities. Half duplex connected by carport. Large yard. New...
INVESTORS OR FIRST TIME HOME BUYERS... This is an excellent home that offers 2 bedrooms up...
ASSUMABLE MORTGAGE! SPACIOUS 2 BEDROOMS, 2.5 BATHROOMS TOWNHOUSE WITH A FINISHED BASEMENT IN...
This 909 sq ft is like new. Features 2 bedrooms, 2 baths, 5 appliances, insuite laundry, storage...
ASSUMABLE MORTGAGE! IMMACULATE TOWNHOUSE IN GREAT CONDITION, FULLY RENOVATED, WITH 3 LARGE...
Great Assumable mortgage in CAMBRIDGE LOFTS - one of the coolest floor plans in Downtown Edmonton!...
The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information herein deemed reliable but not guaranteed by the EREB.
Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.
If mortgage rates have increased since the original mortgage was issue then the benefit of this strategy is to the buyer. The buyer does not have to contend with an increased cost of borrowing due to interest rates that have risen dramatically over the last few years. They are able to take advantage of the original buyers’ low interest rates. The only disadvantage of an assumable mortgage is the possibility that the cost of the home might not be completely covered by the remaining mortgage value, leading the buyer to have to secure additional funding.
An example of the situation is if the buyer finds an home which is being sold for $200,000, but the sellers mortgage only has an assumable value of $100,000 then the buyer will have to make a down payment and acquire personal financing for the remaining $100,000. To put this simply the buyer can only assume a mortgage worth 100,000 and will have to take a second mortgage on the property to cover the other 100,000 at the current interest rate which is undoubtedly higher. It should also be noted that the lender on an assumable mortgage usually reserves to right to alter the terms of the agreement to accommodate the credit risk of the buyer and the current housing market environment.
While this type of mortgage has many advantages to the buyer there is a flip side. The seller has a unique risk involved with the transaction. In many cases an assumable mortgage may still be held as a liability of the seller after the transfer of ownership has taken place. Let’s assume that the house is valued at $300,000 and the assumable amount of the mortgage is $150,000. After 6 months of assuming the mortgage the buyer defaults on the agreement only paying $50,000. The mortgage lender is only able to recover through litigation $30,000 from the buyer. The original holder of the mortgage, the seller, can be held liable for the remaining $70,000! There is a way for the seller to protect themselves however. They need to release their liability in writing at the time of the transaction, making sure that a notarized and registered copy is provided to the buyer, the lender and retained for their own purposes. Another copy, it is recommended be placed with the seller lawyer, should it be necessary to have it brought forth as evidence in a legal proceeding.
There are many variables involved with assumable mortgages. Make sure you speak with a REALTOR® before proceeding.
Contact Us Today. We can help you with all of your future Real Estate needs.
My Account
Log in, to view your saved searches and add to your favorite listings.
... So You Can:
- View detailed property information
- Print detailed property flyers
- Save your searches & favorite homes
- Inquire about a private showing
- Map individual property locations
- Share your favorite homes with friends
Main Navigation
- Edmonton MLS®
- Luxury Homes
- St. Albert MLS®
- Foreclosure Homes
- Sherwood Park MLS®
- Stony Plain MLS®
- Spruce Grove MLS®
- Investment Properties
- Leduc MLS®
- Assumable Homes
Featured Communities
- Bonnie Doon
- Wild Rose
- Oliver
- Klarvatten
- MacEwan
- Laurier Heights
- Hodgson
- Griesbach
- Glastonbury
- MacTaggart Area
- Terwillegar South
- Wedgewood Heights
- Summerside
- Westmount
- Charlesworth
- Tamarack
- Ormsby Place
- Parkview
- Cumberland
- Haddow
Recent Blog Posts
What the F*** is the Edmonton Real Estate Market doing???
Everyday I’m asked the same question “Is the market going to go up or down?” And everyday...
53 Views Add a Comment