🔻 How to get a 2.5% interest rate in today's market! #shorts
Summary
AI-generatedThis video explains how to potentially get a much lower interest rate (e.g. 2.5% vs 7.5%) by assuming the seller's existing government-backed loan (VA, FHA, USDA). While you still have to qualify for the loan, the potential savings over the loan's lifetime can be significant, but you must cover the difference between the outstanding loan balance and the home price.
Key insights
Savings on a \$400,000 mortgage at 2.5% interest versus 7.5% could result in monthly payments of \$1,580 instead of \$2,797 and over \$430,000 saved over the lifetime of the loan.
Mistakes to avoid
Don't assume you can automatically take over a loan, even if it's assumable. You still need to qualify for the loan based on your credit and income, and the lender must approve the assumption.
Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial