Gavin Carter purchased a home in Maryland using an assumable mortgage, which allowed him to inherit a 3% interest rate from the seller's existing loan. Faced with personal changes and a competitive real estate market, Carter found a property that met his needs and included this financing option. The house, originally listed for $445,000, had only $259,000 remaining on the mortgage. The favorable terms of an assumable mortgage provided him with essential financial benefits during a challenging period.
Gavin Carter emphasized that the assumable mortgage he inherited allowed him to maintain a favorable 3% interest rate while purchasing his new home in Maryland.
As a small-business owner in a competitive real estate market, Carter benefited from the significant savings in monthly payments by assuming the seller's mortgage.
Carter discovered the concept of assumable mortgages by chance, initially viewing it with skepticism, but ultimately finding it to be an advantageous financing method.
Purchasing a home with an assumable mortgage provided Carter with not only a lower interest rate but also financial relief amid the pressures of relocation and personal circumstances.
Collection
[
|
...
]