Lethbridge Assumable Mortgages

SELL YOUR HOME
FAST, FOR TOP $$$'s

Benefits for SELLERS:-

One of the best ways to ensure a quick sale, for the best market price, is to allow your mortgage to be assumed. Depending on your situation, you may also be able to avoid lender pay off fees.

Allowing the Assumption of your mortgage is legal in Alberta, and is very popular with a variety of buyers, including investors, first time buyers, new migrants and the self-employed.

Although assumption of mortgages is legal in Alberta, you should first check with your lender to ensure your mortgage is eligible.

Types of Assumable Mortgages

Assume with Qualifying: Since early 2009, new legislation mandated that all buyers must qualify for assumable mortgages. The need to qualify negates, to some extent, the benefit of an assumable mortgage for most buyers, but if your locked-in interest rate is lower than the present rate, a buyer could still be very interested in taking over your mortgage. Many sellers are happy to have their mortgage assumed if they have no desire to port it to a new property. An additional benefit is that you could save substantial bank fees which would be payable if you terminate your mortgage before it's full term.

Low Cash to Mortgage (CTM): The lower the down payment required of the buyer, the better the chance of them being able to assume your mortgage. It follows that very small mortgage amounts, with a high CTM, are not so desirable.

This information gives a basic overview, and a consultation is recommended to further discuss the potential benefits or disadvantages of your personal situation. Please call Allan Miller at 403-320-6411 to arrange a confidential meeting.

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Lethbridge Assumable Mortgages

SELL YOUR HOME FAST, FOR TOP $$$'s

SELL YOUR HOME
FAST, FOR TOP $$$'s