Darnestown, Gaithersburg and Montgomery County Maryland real estate listings, home buying, selling and relocation information

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Financing Your Home >Assuming a Mortgage

You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.

Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.

Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.

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Q	What took over 30,000 workmen to construct and is considered the second largest palace in the world?
A	The Palace of Versailles, 14 miles southwest of Paris and completed in 1682, is famous for its size and its beauty.
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Lisa Patterson, REALTOR®, real estate agent and broker for Darnestown, Gaithersburg and Montgomery County Maryland home listings, property and land for sale - NUMBER1EXPERT(tm)

Lisa Patterson
Coldwell Banker Residential Brokerage
7272 Wisconsin Avenue
Bethesda, MD 20814
Office Phone #: 301 718-0010
Home Office # (preferred): 301 548-0999
Mobile #: 301-704-4714
Fax #: 301 990-9752
Email: Lisa@LisaPattersonHomes.com
Email II: lisaapatterson@aol.com
Lisa is a top agent who has been selling real estate in the Washington DC area for over a dozen years (licensed in DC, MD and VA). She specializes in Montgomery County Maryland, and Northwest DC. As President and Social Chairman of the Darnestown Civic Association, she is the top choice for those in her home town area who want someone to sell their home with knowledge and enthusiasm. She is also one of the top relocation buyers agents in the area. They appreciate her broader knowledge of the Capital area. She prides herself in her hard work, and her loyalty to her clients.

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