We Take Over Mortgage Payments

Cash Home Buyers

We Take Over Mortgage Payments: Your Path to Financial Relief

Border City Home Buyers specializes in helping homeowners who need to quickly sell their homes by offering solutions such as taking over mortgage payments. This process is not necessarily mortgage assumption but more about taking over payments regardless of the situation. Whether it be due to divorce, a death making payments unaffordable, job loss, or having bought recently without building equity and unable to sell on the market, we provide a solution.

Benefits of Taking Over Payments

Taking over payments can be advantageous for sellers. Here’s why:

  • Higher Selling Price: You might be able to sell the house for a higher price because you’re offering a unique financing arrangement that appeals to buyers who may not qualify for traditional financing or prefer not to go through the mortgage process.
  • Faster Sale: You may be able to sell your house more quickly because you’re offering a potentially attractive financing option without the buyer needing to secure new financing. Rather than waiting on the market and hoping an offer goes through which can take anywhere from 3-8 months. 
  • Simplified Process: Our team has the knowledge, tools, and experience to help guide you to sell your house no matter the situation as soon as possible. 
  • Avoiding Closing Costs: Depending on the agreement, you might avoid some of the typical closing costs associated with a traditional sale, which can save you money.

Why Choose Border City Home Buyers?

At Border City Home Buyers, we facilitate smooth transactions for homeowners looking to sell quickly and buyers interested in taking over mortgage payments. Our expertise ensures a seamless process, helping you avoid the complexities of traditional home purchasing and financing.

Understanding Taking Over Payments

Taking over mortgage payments can be a powerful tool for buyers and sellers. Here’s a deeper dive into the concept:

How It Works

When payments are taken over, the buyer agrees to take over the seller’s existing loan, continuing the same monthly payments under the same terms, including interest rate and repayment schedule.

Types of Mortgages Suitable for This Process

  • FHA Loans
  • VA Loans
  • Conventional Loans

Financial Benefits

Taking over payments can be financially beneficial in several ways:

  • Reduced Closing Costs
  • Closing In A Timely Matter
  • Sell with No Equity

Border City Home Buyers: Your Partner in Home Buying

Border City Home Buyers offers expertise in navigating the complexities of taking over mortgage payments. We understand the nuances of different loan types and work diligently to ensure a smooth transition. Whether you’re looking to purchase a home through this process or need to sell quickly, we provide tailored solutions to meet your needs.

Our Process

  1. Initial Consultation: We begin with a comprehensive consultation to understand your situation and financial goals.
  2. Mortgage Evaluation: We assess the existing mortgage terms and determine if the loan is suitable for taking over payments.
  3. Negotiation and Approval: Our team negotiates with the seller and coordinates with the underwriter to secure approval.
  4. Completion: We handle all legal and administrative tasks to finalize the process, ensuring a seamless transition.

Common Questions About Taking Over Payments

  • What does it mean to take over mortgage payments?
    • This means a buyer takes over the seller’s existing mortgage, becoming responsible for the remaining balance and monthly payments.
  • Are all mortgages suitable for this process?
    • No, not all mortgages are suitable. It’s important to check if the type of mortgage allows for this process and to get approval.
  • What are the benefits of taking over payments?
    • It can result in significant savings on closing costs and might offer more favorable terms compared to a cash offer.
  • How do closing costs compare in this process versus new loans?
    • Closing costs are generally paid by the buyers (us)

Contact Us Today

Border City Home Buyers is dedicated to helping you navigate the process of taking over mortgage payments, providing expertise and support every step of the way. Whether you’re looking to sell quickly or find a cost-effective way to purchase a home, our team is here to assist you. Contact us today to learn more about how we can help you take over mortgage payments and achieve your real estate goals, and follow us on social media to stay updated with the latest news!