These loans are what we call “Assumable Loans” which means a buyer could take over your loan. If you have a VA or FHA or USDA loan, you likely have an interest rate of around 3% or at least a lot lower than 6.5%! Buyers can pay more for a home when they can assume the existing loan at half the interest rate. This benefits the buyer and seller but makes your property more attractive than others. Contact me NOW for more info as most agents haven’t been in business long enough to know how to handle assumable loans. I can also point you to the appropriate resources for each type of loan along with title companies versed in closing complicated transactions such as loan assumption. It needs to be done right or not at all! If you are selling in the near future, I want to get your house on the market sooner than later while inventory is still low and other agents and sellers haven’t caught on to this.
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