A 3% Mortgage Sounds Too Good to Be True. In Many Cases It Is.

High interest rates have sparked interest in mortgage assumptions, but potential buyers face bureaucratic hurdles and the need to find a willing mortgage company. These assumptions allow buyers to take over existing mortgages, potentially saving them money compared to getting a new loan at higher interest rates. However, the process can be complex and time-consuming, requiring approval from the original lender and meeting certain criteria. Despite the potential cost savings, buyers need to be aware of the challenges involved in navigating the red tape and finding a lender willing to facilitate the assumption.