What costs am i responsible for if i assume a mortgage from family?

To Assume a mortgage, you need to contact the lender and apply.. there are no "no qualifying" mortgage products out there any more.. (unless you inherit a home from the deceased). Only government loans are assumable WITH qualifying.. all conventional loan products are non assumable.. you have to apply for a new loan.. If the loan is a government loan, and it's assumable, then each lender has their own fee's to assume the existing loan.. but in general, it should be under $1500... if you want to know for sure, just pick up the phone and call the lender.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

You avoid many of the closing costs associated with purchasing the property. However, only certain types of mortgages are truly assumable and you generally must qualify in the same way that you would qualify for the same amount of mortgage regularly. As we don't do these transactions, I would contact the current servicer of the mortgage to inquire if it is possible. I am always happy to assist whether I work on your financing or not; So if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss or get advice on anything at all with me. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Talk to the lender whre they make their mortgage payment. It's less expensive that a straight purchase but there may be better options for the situation.

There are several different options, some may have no closing cost options..I do lend in your state you can give me a call so we can discuss options. Donna Winborne 800-485-1387 ext 159 or email dwinborne@bankingunusual.com

Contact me, Dave Metsker, at 855-620-2239, for a no cost option. One option may lower the payment significantly.