Exploring the Benefits of an Assumable Mortgage

In the heart of Crestwood, Edmonton, a unique property at 14810 98 Avenue comes with an offer that could change the game for home hunters. Tucked away in one of Edmonton's most sought-after neighborhoods, this home not only boasts classic charm and modern amenities but also offers a financial perk that savvy buyers could only dream of—an assumable mortgage at a jaw-dropping rate.

For prospective homeowners, real estate market nuances can be the difference between a dream home and an unattainable one. This assumable mortgage presents a rare opportunity, allowing buyers to secure a property with a mortgage rate of 2.74% on until March 2027, well below the current average market rates. Let's dive into what an assumable mortgage is, why it's a golden find for buyers, and how it could transform your home buying experience in Edmonton.

What is an Assumable Mortgage?

An assumable mortgage allows a buyer to take over the seller's existing mortgage. This means the buyer assumes all the mortgage terms, principal balance, interest rate, repayment period, current monthly payment, and even the remaining time left on the seller's mortgage term. It's essential to note that not all mortgages are assumable, and those that are will need to meet certain criteria set by the lender and mortgage type.

The process is relatively straightforward, with the new buyer applying for credit with the lender to see if they qualify for the assumption. If approved, the seller is removed from the original mortgage, and the buyer assumes full responsibility with the same terms and conditions agreed upon when the seller first obtained the mortgage.

Advantages for Homebuyers

An assumable mortgage presents several tangible advantages for homebuyers, which include:

Lower Interest Rates

The most compelling benefit of an assumable mortgage is inheriting a mortgage with a lower interest rate than the current market average. This feature is especially attractive in times when interest rates are high, as it can lead to significant long-term savings on interest payments, reducing the overall cost of the home.

Potential Monthly Savings

By securing a lower interest rate, buyers can experience considerable monthly savings. In the case of 14810 98 Avenue, the 2.74% interest rate on the balance can translate into monthly savings of approximately $700. Over the course of a year, these savings add up to around $9,000, offering a substantial financial advantage.


Transferable Benefits

Assumable mortgages can also come with transferrable benefits, such as the option to carry forward mortgage insurance or title insurance, saving the buyer additional costs and time.

14810 98 Avenue in Crestwood, Edmonton

14810 98 Avenue stands as a prime example of the value an assumable mortgage can bring to a home purchase. This charming property offers a blend of spacious living, a vibrant community, and a mortgage rate that's truly a standout feature.

With a principal balance of approximately $373,565.51, buyers of this home could enjoy the remaining term of the mortgage with an interest rate unfathomably lower than the current market standard. This rare opportunity demonstrates how an assumable mortgage can make homeownership more affordable and less stressful.

Potential Savings Calculation

For those looking to make this house their home, the substantial savings are not just a number on a page. Calculating the potential monthly savings, considering the current balance and interest rate, suggests a monthly repayment that is nearly $700 less than a typical mortgage at the current market rate. Over a year, a buyer is set to save almost $9000 that's a significant difference in the family's financial landscape.

A Secure Financial Path to Homeownership

An assumable mortgage is not just a niche offering in real estate; it’s a valuable financial tool. With the potential for long-term savings, stress-free approval processes, and a suite of transferable benefits, it could be the key to unlocking the door of your next home. Whether you're a first-time buyer or a seasoned investor, an assumable mortgage is a sign of changing tides in the housing market, and Crestwood's 14810 98 Avenue is at the forefront of this wave.


Categories:   14810 | 2024 Edmonton Real Estate | 2024 Home Buyer | age in place | Alberta Avenue | apartment | arthouse | assumable mortgage | Best Communities | boom and bust | boss | brewerydistrict | builder | business | Buyer Guide | Buyer Tips | buyertips | Buying | Caitlin Heine | Calgary | Coming Soon | Crestwood | culture | custom homes | decor | developers | developments | East Junction | East Village | edmontn | edmonton | Edmonton Communities | Edmonton Community | Edmonton Market Update | Edmonton Real Estate | el-mirador | embraceequity | First Time Home Buyers | for sale | forest heights | furniture | Historical Homes | history | Holyrood, Edmonton Real Estate | Home Staging | homes | Homes for Sale | ICONIC | Iconic Projects | Iconic Results | Interest Rates | Investment Tips | lakefront | landscaping | leasing | lifestyle | Living Here | marketupdate | moving | movingtoedmonton | multipleoffers | Neighbourhood | Parkdale | Pet Friendly | projects | property owners | purpose built rental | relocating | REMAX | renovations | rent | rental | rental culture | riverdale | Rural Parkland County, Rural Parkland County Real Estate | sales managment | sebabeach | sellertips | selling | selling tips | services | Sherwood Park, Sherwood Park Real Estate | Spruce Grove, Spruce Grove Real Estate | St. Albert, St. Albert Real Estate | Stony Plain, Stony Plain Real Estate | strategy | Team | the galleria | Top 10 | ukraine | Westmount | Where to buy and why | Winter Market | woman | womansday | Yeg | Zone 02, Edmonton Real Estate | Zone 05, Edmonton Real Estate | Zone 06, Edmonton Real Estate | Zone 07, Edmonton Real Estate | Zone 08, Edmonton Real Estate | Zone 10, Edmonton Real Estate | Zone 12, Edmonton Real Estate | Zone 13, Edmonton Real Estate | Zone 14, Edmonton Real Estate | Zone 15, Edmonton Real Estate | Zone 16, Edmonton Real Estate | Zone 18, Edmonton Real Estate | Zone 19, Edmonton Real Estate | Zone 28, Edmonton Real Estate | Zone 29, Edmonton Real Estate | Zone 30, Edmonton Real Estate | Zone 56, Edmonton Real Estate | Zone 58, Edmonton Real Estate
Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.