CNN —
For homebuyers struggling to afford a home amid stubbornly high mortgage rates and surging prices, there’s a little-known workaround that can help turn back the clock to the days of ultra-low monthly mortgage payments. But it comes with a few caveats.
Assumable mortgages are loans that allow a homebuyer to take over a seller’s existing mortgage. This means that a buyer keeps the seller’s repayment period, mortgage balance and, notably, the seller’s lower mortgage rate. Some experts point to this type of loan as a potential way of reviving the struggling housing market.
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