Frequently Asked Questions

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Have a burning question? Want to learn more about assumable loans or how the process works?

Call or Text us: ‭(858) 867-8905‬
Send us an email: support@retrorate.com

Getting Started

• What is a mortgage assumption?
• What types of mortgages can be assumed?
• Why would a buyer choose a mortgage assumption?
• How does mortgage assumption differ from getting a new mortgage?
• Who qualifies for a mortgage assumption?
• Does RetroRate approve me for the loan assumption?
• What are the costs associated with a mortgage assumption?
• How long does the mortgage assumption process take?
• Can the seller or buyer negotiate terms during a mortgage assumption?

For Buyers

• How do I know if a mortgage is assumable?
• What documents do I need to provide for a mortgage assumption?
• Do I need a down payment for a mortgage assumption?
• How do I apply for a mortgage assumption?
• Will I need to pay private mortgage insurance (PMI) after the assumption?
• Will the interest rate on the assumed mortgage stay the same?
• Can I assume a mortgage if I have bad credit?
• Are there limits on how much I can borrow with a mortgage assumption?

For Sellers

• Why should I offer mortgage assumption as an option when selling my home?
• Can I sell my home at a higher price if the mortgage is assumable?
• How do I confirm that my mortgage is assumable?
• What is my responsibility in the mortgage assumption process?
• What happens to my liability after the buyer assumes my mortgage?
• Will the assumption process delay the sale of my home?
• Do I need to notify my lender about the assumption?
• How does the remaining loan balance affect the sale price?

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