Here’s What Happened
When Paul Turcutto moved from California to Miami, he didn’t just buy a Brickell condo he locked in a 2.6% mortgage rate while everyone else was stuck near 6.5%. How? He assumed the seller’s loan.
It’s called an assumable mortgage, and it’s one of the smartest but most underused options in today’s high-rate housing market.
Read the article here:
👉 Read the CBS News article here
How Assumable Mortgages Work
Buyers take over the seller’s existing mortgage, keeping their low rate and terms
Available on most FHA and VA loans
In Paul’s case, it saved him $600/month or $7,200 a year
The catch? The buyer has to cover the gap between the current loan and the sale price which means a bigger down payment. And the process can take longer (45–60 days vs. the usual 30), because the original lender has to approve it.
What This Means in Pembroke Pines
According to the site Roam, 98% of assumable homes in Miami aren’t even advertised as such and that’s likely true in Pembroke Pines too. That means buyers need to do their homework (or work with agents who will).
For sellers, if you’ve got a loan under 4% and you're thinking of listing, advertise it. That low rate could be your secret weapon in a slow market.
Bottom Line:
Assumable loans are back on the table and they’re one of the few ways buyers can fight back against high interest rates.
If you’re buying: Ask every seller (or your agent) if the mortgage is assumable.
If you’re selling: Flaunt that low rate if you’ve got it. It might be the thing that gets your house sold.
Want the full story?
👉 Read the full CBS News article here
