I get this question a lot. So I wanna talk to you guys about what they don't tell you about assumable mortgages.

I get this question a lot. So I wanna talk to you guys about what they don't tell you about assumable mortgages. And as we discuss that, check out this two bedroom, one bath, 1,159 SF super cool loft style condo in Adams Morgan. It's about 1,200 square feet and it's currently listed for under $700,000. I think you guys will like it. I don't want to confuse you. This property does not have an assumable mortgage opportunity. But I still wanted to take this opportunity to educate you guys a little bit about it. Assuming a mortgage is just as it sounds, you're essentially stepping foot in place of the terms in which the existing homeowner has their loan. So credit, income and assets still need to qualify, but essentially you pick up where they left off. You get to take their existing interest rate, which is the biggest pro of this whole process. When you see assumable mortgages being advertised as part of a listing, they probably have a two, three, maybe four percent interest rate, which is obviously worth gold in this housing economy. So when you assume that mortgage, you get that interest rate. But wait, let's ask some more questions. What is the loan balance? And let's say the existing loan balance is $300,000, meaning you have $300,000 left to pay on this house note. So in order to assume this mortgage, yes, you get that 3% interest rate, but you need to come to the table with an extra $100,000 cash. Cash money, girl. Yes, that delta, that difference is your responsibility to fund. So just keep that in mind, make well-informed decisions. But I hope that helps and follow my page for more real estate tips.