An assumable mortgage allows qualifying buyers to acquire the interest rate, current principal balance, and other conditions of a seller's existing loan. In June, we bought it for $400,000, assuming the seller's mortgage at a 2.75% interest rate with 26 years left on a 30-year fixed-rate loan. The assumable mortgage process was actually straightforwardBefore starting the assumption, we thought it would be very difficult. It seemed that they were trying to steer us away from the assumable mortgage and toward getting a new one. They even offered us a lower interest rate below the current rate, but it was still significantly higher than what I was getting through this assumable process.

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Persons: —, Brian Sankey, We've, wouldn't, Sankey, Taryn Root, Brian Koellish, it's Organizations: Service, Business, Veterans United, Loans Locations: Kentucky, Elizabethtown, Fort Knox , Kentucky, Elizabethtown , Kentucky