Here’s How to Get a 3% Mortgage Rate in 2024
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- เผยแพร่เมื่อ 16 พ.ย. 2024
- Here’s my #1 HACK to get a 3% mortgage rate in 2024 and beyond! For homebuyers, this could save you hundreds of dollars per month using this special hack.
In today’s video, I discuss what’s an assumable mortgage and how to find a home for sale in which the homebuyer may be able to assume the homeowner’s low mortgage interest rate. In other words, if a homeowner has a low interest rate that can be assumable by a home buyer then how does one take advantage of that, how can you find a home for sale with an assumable mortgage and lastly, what are the pros and cons of an assumable loan mortgage.
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Definitely a good trick, I've been doing this for a few months but from what I've seen it seems that it's a lot easier said then done to get a seller's loan company to let you assume the mortgage
Thank you for sharing. Have you gotten an offer accepted for a home with an assumable loan? If so, would love to hear your experience.
@JasonWalter1 I haven't yet, it does seem like the houses with assumable mortgage are going into contract much faster, but I've been watching to see if they actually close. I will say I've noticed that some houses with assumable mortgages are not listed as assumable so I always double check through propwire.
Thanks for what you do
You're welcome! Thank you for watching my videos.
Be ready to have the seller’s “equity” in the form of a down payment. The only way I’d do this, is if a nice price reduction was negotiated as well.
Thank you
You're welcome
Good morning everyone
I hope your morning is off to a great start, Rene.
@JasonWalter1
Busy as usual, my friend.
But, always productive.
Onwards and upwards, i
I always say...
HAVE A FANTASTIC WEEK
Thank you! You too.
People, please don't buy a house if you can't afford it. If you're looking for an assumable loan, you probably CAN'T afford it. You'll eventually regret buying that house just because of the low rate (i.e., buyer's remorse).
@theRetainer..Great post, Broke realtors and over leveraged flippers are panicking using scare tactics and belittling the uneducated.
I agree with you that one shouldn't buy a home if they are going to be stretched thin. However, just because someone buys a home with an assumable mortgage it doesn't mean they can't afford to buy a home.
This is true! There is no substitute for final price! Save and/or negotiate.
Wild thought, the people who are unable to afford the house aren't watching youtube videos about the market or smart financial decisions.
@@Xray8906 have you noticed the talking points are focused on Trump’s tariffs making goods more expensive?! This may be true, but it purposefully misses many points. 1) only foreign products are subjected to them 2) innovation, money on American products (albeit possibly more expensive), and competition ensue in America-leading to lower costs and more cash flow in America (MAGA) 3) tariffs (initially) paired with foreclosure programs ending are a perfect storm for cash heavy investors and buyers
Do you have to qualify for VA or FHA or assume these loans?
Yes, you still have to qualify.
Thinking about this broadly, the only winners are those who are paid fees! I don’t see banks favoring this on any large scale. The buyer does get an artificially high priced home for an artificially low rate! It also helps home value indexes. Sad times
What makes the home price artificially high and the rate artificially low? Broadly speaking this should have no impact on HPI's as there's a minimal amount of these type of transactions (only a guess based on the low amount I'm seeing for sale online and a small percentage of those would actually work for the buyer unless the seller has only owned the home for about 2yrs or less).
@ artificially inflated home price! A sale that normally would not take place, happens and is averaged in!
@@JasonWalter1 “artificially” would be a deviation from wages, as paired to the long term average for a given area. The rate is pretty obvious, as you are getting below the market average. You know, the things we’d want our realtor to know and be honest about.
How to even ask seller do you have FHA or VA loan?
I would recommend working with a real estate agent because they can ask the listing agent (seller's agent) if the loan could be assumed. You wouldn't know by looking at public websites such as Zillow.
Can I get a assumable loan for rental investment?
Great question. In general, assumable mortgages have occupancy requirements so it may not be possible. I've read there are exceptions though so it would need to be verified by the seller's lender.
9:49 even more money saved if the seller is 4 yrs into the loan so one has 26 yrs left to pay. over starting a new 30 yr loan , wonder will the lender allow a 2 nd carried by the seller ?
The downside of using this technique is a buyer may have to pay a large sum if the seller purchased the home years ago though. So you would save total interest paid but have to pay a large amount upfront. Good question about the 2nd. I'm guessing because the mortgage is in the 1st position it wouldn't be an issue but anyone know?
As a seller though, I would be very hesitant to offer seller financing in the 2nd position.
Happy Hump Day Jason!😊 #REALESTATEISLOCAL #LETSGETNERDY
Happy hump day, Steve!
1😊
GM!!!