This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Utah Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust
State:
Multi-State
Control #:
US-01536BG
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Contract For The Sale Of Residential Property Assuming Existing Loan And Giving Seller Purchase Money Mortgage Or Deed Of Trust?
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FAQ
To qualify for an assumable mortgage, lenders will check a buyer's credit score and debt-to-income ratio to see if they meet minimum requirements. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
To assume a loan, the buyer must qualify with the lender. If the price of the house exceeds the remaining mortgage, the buyer must remit a down payment that is the difference between the sale price and the mortgage. If the difference is substantial, the buyer may need to secure a second mortgage.
If the buyer is gaining a lower interest rate, the seller may find it easier to negotiate a price closer to the fair market asking price. The seller may also benefit from using the assumable mortgage as a marketing strategy to attract buyers.
What Is A Purchase And Sale Agreement? A purchase and sale agreement, or PSA, is a document that is written up and signed after a buyer and seller mutually agree on the price and terms of a real estate transaction. Depending on state laws, either a real estate agent or a real estate attorney will prepare the PSA.
How much does a loan assumption cost? You'll have to pay closing costs on a loan assumption, which are typically 2-5% of the loan amount. But some of those may be capped. And you're unlikely to need a new appraisal.
Keep in mind that the average loan assumption takes anywhere from 45-90 days to complete. The more issues there are with underwriting, the longer you'll have to wait to finalize your agreement.
What is a mortgage assumption agreement? It's actually pretty self-explanatory. A person who assumes a mortgage takes over a payment from the previous homeowner. Basically, the agreement shifts the financial responsibility of the loan to a different borrower.
A mortgage is considered ?assumable? if the loan agreement allows the original borrower to transfer their loan to someone else. In this case, the buyer of the home would simply take over the seller's existing loan, and the current rate, terms and balance would stay the same.