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You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.

Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.

Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.

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Shelly Reed
Century 21 Cross Roads
9960 Highway 53
Lower Lake, CA 95457
707-994-7100
Fax: 707-994-5879
Office: 707-303-5882
shellyreed@century21.com

Born in Kentucky with southern hospitality and family at the heart of who she is, Shelly pours herself into whatever she sets her mind to do. She is a city girl that grew up in the East Bay of San Francisco. With encouragement from her parents to develop her love for people and energy for life, she attended modeling finishing school and public speaking classes, all the while winning many awards in competition for Creative Young Authors. Coupled with her academic skills she is an outgoing, honest and sincere person. She has an incredible ability to organize and motivate with her humorous energetic personality. With the loving support of her husband, Rich Reed, they relocated to Lake County ten years ago in order for them to pursue their goals. With Her strong background in Insurance and Sales, Shelly went on to become one of Lake County�s TOP Realtors. Starting out in 2003 with a small local brokerage CPS Country Air and then moving up to join the C-21 Alliance Team in 2009. She continues to grow and strives to achieve the highest standard of service in the industry. Shelly loves the real estate business and her clients love her! She believes that in a smaller area like Lake County your reputation is everything! Shelly cares about her clients and their needs. She brings a REAL Approach to REAL ESTATE.... I am proud to be a REALTOR with Century 21 Cross Roads. DRE #01451243

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