Assumption loan what are the pro and con?

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I talk to a mortgage. co. today and ask about a quick deed but they recommended an assumption loan can someone fill me in on what it is and how do I go by getting one and is it possible with bad credit theirs not much left on the mortgage.

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  1. Reply
    mycornerofbrickheaven
    January 26, 2011 at 10:12 am

    It’s basically taking over the current loan. It’s a good thing because you don’t have all of the usual closing costs like you would if you had to get an entirely new loan. The only bad thing about it is that you would need to qualify for the loan based on your income..

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