Assumable Loans
Assumable loans are gaining attention in today’s market, and for good reason. When a buyer can assume the seller’s existing mortgage, often at a significantly lower interest rate than what is currently available, it can be a meaningful advantage for both sides of the transaction. However, assumption closings come with their own set of complexities that require specialized expertise.
Why Specialist Closers Matter
Something as routine-sounding as ordering a payoff on an assumable loan can cause major delays and issues if not handled correctly, which is why having closers who specialize in assumptions is so important. At Chicago Title, our closing team includes specialists who understand the assumption process inside and out, from working with lenders on payoff requirements to navigating the unique documentation and approval timelines these transactions demand.
It is also worth knowing that assumable loans can have a relatively low success rate when not managed by the right team. Working with experts who know how to evaluate up front whether an assumption is likely to go through saves everyone a significant amount of time, and then having that same team guide the process through to closing is a win for the broker, the buyer, and the seller.
UMe Projects
UMe Projects is a company that specializes in facilitating the assumable loan process from start to finish. In addition to their coordination services, UMe also offers a platform that helps investors and buyers find properties with assumable loans. They are an incredible resource for brokers working with clients who want to explore assumption opportunities.
Want to learn more about UMe’s services? Fill out the form below to connect with their team.
Questions About an Assumable Loan?
If you have an assumption transaction and want to talk through how Chicago Title can help, reach out anytime. I am happy to connect you with the right closer and the right resources for your situation.