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Real Estate S
Eileen M. Day REALTOR
IS YOUR MORTGAGE
ASSUMABLE?
A seller today has lots of competition. The competition comes from other homes available for sale. Therefore, tremendous advantage accrues to a seller with the foresight to make his home easier to buy than other homes on the market. You may have a big advantage if your present mortgage can be assumed by a new buyer - especially if it was made at lower than current L rates.
A Supreme Court decision upheld the right of a Federal Savings and Loans to enforce "due-on sale clauses. This stipulates that the balance of the mortgage must be paid off if the house is sold, however, certain mortgages can still be assumed, such as some state-chartered SflrL mortgages. Fannie Mae permits assumptions of federal-backed loans if the loan was made by a federal SfltL.
If you're thinking of selling your home, check with our office first and we ll be happy to advise you as to whether your present mortgage Is assumable.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY. Realtor, the w Clopton house. Washington, ;_Va. 22747. Phone 675-3033. " We re here to help.
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