Posted on: 03rd Mar, 2010 12:21 pm
hi...
I am going through a divorce and want to keep the house. Rather than refinancing, I want to get a mortgage assumption. Is this a popular choice with couples getting divorced and is it easier then refinancing?
Thanks,
I am going through a divorce and want to keep the house. Rather than refinancing, I want to get a mortgage assumption. Is this a popular choice with couples getting divorced and is it easier then refinancing?
Thanks,
hi hmg,
if the mortgage is assumable, you can do a simple assumption and take over the responsibility of the mortgage. there are two types of assumption, namely qualifying and non-qualifying assumption. a non-qualifying assumption is quite easier than a refinance as you do not have to qualify in terms of credit and income. on the other hand, in a qualifying assumption you need to have good credit and income in order to qualify.
if the mortgage is assumable, you can do a simple assumption and take over the responsibility of the mortgage. there are two types of assumption, namely qualifying and non-qualifying assumption. a non-qualifying assumption is quite easier than a refinance as you do not have to qualify in terms of credit and income. on the other hand, in a qualifying assumption you need to have good credit and income in order to qualify.