Have questions about financing? Every month we will provide a key insight from Mortgage Broker, John Chrisanthidis. See below for his latest Mortgage Minute.
🏡 Assumable Mortgages: A Hidden Marketing Gem
When marketing your home to potential buyers, sellers and their agents are quite used to focusing on the key attributes of a property that will appeal to its target market. The number of bedrooms or bathrooms, a recent renovation, a great backyard, a private driveway. All features we are quite used to seeing in those client remarks of a listing. But what about an assumable mortgage? Probably not something you would typically think to highlight, but a feature that could offer tremendous value to buyers who are stretching to buy your home, or even more so to buyers who think it’s out of reach in this current rate environment.
Expand your audience by offering access to a better interest rate if you can. Check with your mortgage provider to see if your mortgage is assumable, and if it is, the potential buyer can apply with your lender to try to take it over. If the rates are much more favourable than current rates, it could present a tremendous financial incentive.
For more information, feel free to reach out to:
John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)