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Assumable Mortgage: A loan that allows a home buyer to take over a seller’s mortgage when purchasing a home. Alberta is the only province in Canada that allows you to assume a mortgage without qualifying in many circumstances (in other provinces, assumable mortgages require the lender’s approval)

Example #1:
  • Joe wants to sell his home for $195,000 and has an assumable $180,000 loan at 4.5% interest. Mark wants to buy Joe’s house. Mark only has to put down $15,000 (plus closing fees) to take over Joe’s house and mortgage. Alberta regulations allow for Mark to take over the mortgage without qualifying in most instances (assuming the seller agrees) 2005 UPDATE: Alberta Treasury Branches / ATB Financial now ensure their mortgages cannot be assumed. In our opinion, the "Big Banks", and specifically CIBC, seem to be the most cooperative regarding assumable mortgages and qualifying vs. non-qualifying. Speak with a Vostner-Bell professional for more information.
  • This is a wonderful opportunity for Alberta residents who can't prove income, have low credit scores, bankruptcies, no credit etc. to become a homeowner.

Low-down/assumable mortgages are somewhat rare nowadays, but they are out there. A homeowner with an assumable loan can "hand off" the loan to a buyer instead of paying it off using proceeds from the home sale. This is of benefit to some homeowners who may be facing hefty penalties or closing costs if they try to pay off their mortgage early. If rates are low and you can get your choice of property by assuming the existing mortgage, by all means do so.

With low-down / assumable mortgages in Calgary & Southern Alberta, even people with less-than-stellar credit can buy homes - as long as they're willing/able to pay the downpayment or CTM (cash to mortgage) asked for. Assumable mortgages can help bruised-credit borrowers reap the benefits of homeownership just like their more creditworthy cousins.

Find low-down payment/assumable properties by clicking here or call (403) 689-1199 / (403) 830-5800 to ask a Vostner-Bell realty team member for current MLS listings.

Assumable mortgages and information on fixer-uppers and low-down houses / homes from MaxWell Realty realtors Tess Vostner Bell and Jason Bell. Calgary realtors, MaxWell Canyon Creek, Calgary housing, Tess Vostner Bell Realty Team, Jason Bell Realty Team, Real Estate Calgary, Calgary Real Estate, Calgary Realtors, calgary real estate agents, Calgary Properties, Calgary properties for sale, Calgary Homes, Calgary Listings, Calgary Property Listings, Calgary Alberta, Alberta Real Estate, Alberta Realtors, house Realty, New Homes, Homes For Sale, Calgary Homes For Sale, Calgary Real Estate Properties, Alberta Relocations, Moving to Alberta, Moving to Calgary, Home Appraisals, Maxwell Calgary offices.
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