Assumable mortgages have been rare because low rates made new loans more attractive, and brokers spread the myth they take six months. With the right team, you can close one in 45 days. The opportunity won't last if rates drop again.
Chapters
Yeah, just tell me a little bit about the assumption loans. Assumable loans weren't really, they didn't really exist and they weren't happening for the last 10 years or so because we had such good interest rates, right? They were in those 3%, 4%, whatever it is. So people were just getting new loans instead of assuming one. But there's this stigma in the market that, oh, loan assumptions, don't do them, stay away from them. They're hard, they're difficult, they take a ton of time. Real estate brokers will tell them that they're difficult and to kind of stay away from them because they take 6 months. All of these different things are happening in the market, so people kind of shy away from them, right? But that's not the case. I've done several of them, and if you're working with the right team, if you're working with the right companies, you can have them done within 45 days. In fact, we can get them done guaranteed within 45 days as well.