Kathleen Piazzisi

Unfortunately, you can't move your mortgage interest rate. However, you can look for a home with an assumable mortgage. When you run into these types of homes you would need to pay the difference of what is owed on the loan and how much the seller is asking. Let's use an example: There is a house being advertised that has a 2.5% that is assumable. The sellers only owe $250,000, but are asking $500,000. You will have to qualify with their lender and bring in $250,000 and anything else the lender requires (meaning more down payment and closing costs) and then when it is completed you now have a newer home with a 2.5%. The assumable loans can be VA and FHA. However, with VA if you are not in the military or a veteran then that person will not be able to use their VA loan until you pay it off. Hope this helps and good luck on your search.