assumable mortage

[Joholiomon]

I was wondering if an realtors can help me out looking for an assumble mortage. I am actually looking for one this month. thanks
Jon

[autosm]

http://calgary.kijiji.ca/c-housing-housing-for-sale-Low-CTM-Assumable-Mortgage-W0QQAdIdZ42689875

I have no idea if this is a good deal but 5k down caught my
attention.


http://calgary.kijiji.ca/c-buy-and-sell-musical-instruments-an-Epic-high-Five-W0QQAdIdZ43200684

[dezmarez]

assumable mortgages are unique to alberta
get on it sooooooooooooooooooon
that deal sounds to good to be true

[HRD2PLZ]

Watch out because many of the lenders are invoking the "Due on Sale Clause" which means they can call in the mortgage before title is transferred to a new owner. If you are buying an assumable make sure that you add a proper financing condition which will give you time to be approved for the mortgage by the financial institution. I don't know of many lenders (if any) in Alberta now which will allow a buyer to assume a mortgage without first qualifying for it.

Assumable mortgages can be a sticky thing, especially now.