We have a home that is available to assume the note, we have lived in the home for 2 years, been paying the

Asked by Maria Moyer, Wichita, KS Tue Feb 3, 2009

mortgage to the owner, but it is not in our name as of yet. she goes through wells fargo, and the note is assumable, what are the extra costs? we have remodeled the home as well, does that count towards any of the costs of assuming the note?

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Rebecca Hosk…, , Wichita, KS
Tue Feb 3, 2009
All of this will depend upon what you negotiate with the owner. The seller may be willing to give you some credit towards the principal price of the house based upon the upgrades that you have done...maybe not. It's risky to do a lot of work to a home that you don't own.
I would recommend that you speak to a lender and get pre-qualified for your own loan. That will give you the information that you need so that you will know if you are able to assume her loan. Interest rates have been so low recently that it may be more cost effective for you to get your own loan. You could talk to a Wells Fargo agent who may be able to assess whether her note is truly assumable. If you need the name of a Wells Fargo agent I can provide that for you. Just contact me for the information.
Best of luck to you!
Rebecca Dowty
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