Assumable Mortgage in Ponte Vedra?
Q. How can I find a home in Ponte Vedra under $250,000 with an assumable mortgage?
A. If you can turn back time to 1999 you might be able to find it. But all joking aside, homes in Ponte Vedra are commanding much higher prices. Assumable mortgages were more popular years ago when interest rates were higher. But why would you want to assume a mortgage when interest rates are at record lows? It may be more beneficial to take out a new mortgage to purchase. Some buyers have a misconception that when you assume a loan you can just take over the owner's payments, but in reality you need to qualify just as you would for a traditional loan. And you will also need to make up the owner's equity difference. With today's historic low interest rates, a new mortgage makes much more sense. Good luck.
Have a real estate question or need some sound advice? Call or text Phyllis Staines at (904) 476-7653 or email firstname.lastname@example.org. Every question will receive a response and may be chosen to appear in Saturday's Times Union newspaper.