2007-06-07 09:41:27 · 4 answers · asked by Louie003 1 in Business & Finance ➔ Renting & Real Estate
Can't really answer that without knowing some details.
Is their rate better than what you can get now on the open market?
Do you need to bring cash to make up the difference?
etc...
2007-06-07 09:47:26 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 1⤊ 0⤋
You give precious little information here to assist you in a decision. The terms of the seller's mortgage is what is important. If you can assume at a better rate than you can get on the open market right now, yes, you should assume it.
If it's a higher rate mortgage, why WOULD you assume it ?
2007-06-07 16:47:50 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
You don't have nearly enough information to properly answer this question. Let's assume that you don't need a second loan to cover what equity the seller does have. In that case, you should consider the interest rate and type of loan structure. For example, if the seller has a 30 year fixed at 5.25% it would be hard to beat depending on your credit history and total amount of the loan.
I would highly recommend consulting a finance expert who can review the details and options.
2007-06-07 16:50:46 · answer #3 · answered by jamesv000 2 · 0⤊ 0⤋
If you have bad credit or can't qualify for the low payments that the seller has set up.
2007-06-07 16:50:41 · answer #4 · answered by luckygal33 1 · 0⤊ 0⤋