Assuming a Mortgage

Assuming the possible

Let's say you have an opportunity to perhaps buy someone else's house. Maybe it's a family member or someone that years ago locked into a 10 year rate and now wants out but has found there is some clause in their mortgage that puts a financial penalty on them if they want out of the mortgage so they've offered you the great opportunity to just assume their mortgage, bypassing a penalty imposed on them. 

You could see the potential with an in-law suite

An assumable mortgage is a mortgage that may be transferred without changing the terms of the original mortgage, meaning someone else can take on your mortgage payments and become legally responsible for them. 

Why would someone assume a mortgage?

Home Equity Financing Options

HELOC vs. HEL 

or 

"How are we going to pay for this new bathroom?"

If you were like me two years ago, when someone mentioned the term HELOC you probably assumed they were talking about some new super-villain that the Spider-Man movie franchise was going to bring out of obscurity to appease the comic fanboys.

In actual fact, it's an acronym used in mortgage financing. HELOC actually stands for Home Equity Line of Credit, which is quite different than it's other, equally popular cousin, HEL, or the Home Equity Loan option.

"Well, hey now", you might be saying, "that may sound relevant to my needs. Tell me more."

How I feel when someone introduces me as a mortgage broker...

And that's what I'm here for...