I'm in a position to assume a loan. The 8-year old loan is a 3/1 ARM and is currently fixed at 2.875%.
We're currently renting said home and I wasn't planning on a purchase until at least a few years from now. The loan payment will closely match our current rent. And yes, we're happy with this location.
With the low interest and sans agent's commission, this seems too good to pass up. I'm just trying to cover all my bases to make sure I'm not missing anything.
Does anybody know of any cons to proceeding with such a transfer?
Thanks in advance!
We're currently renting said home and I wasn't planning on a purchase until at least a few years from now. The loan payment will closely match our current rent. And yes, we're happy with this location.
With the low interest and sans agent's commission, this seems too good to pass up. I'm just trying to cover all my bases to make sure I'm not missing anything.
Does anybody know of any cons to proceeding with such a transfer?
Thanks in advance!