I hear you on the unpredictability. I was tempted by the idea of assuming an FHA loan too—lower rate, less hassle with appraisals, all that jazz. But then I started reading horror stories about paperwork black holes and sellers dragging their feet. At some point, I just wanted to know what I was getting into, even if it meant a higher rate. Sometimes “boring” is just code for “less stressful,” and honestly, my nerves are worth something.
Totally get where you’re coming from. I actually tried to go down the FHA assumption rabbit hole myself because, let’s be real, those old rates are like unicorns right now. But after two weeks of emails vanishing into the void and the seller acting like I was asking for their Netflix password, I bailed. Ended up with a “boring” new loan, but at least I knew what hoops to jump through. Sometimes peace of mind is worth a few extra bucks a month...
Yeah, those “unicorn” rates are tempting, but man, the assumption process can be a black hole. I’ve seen deals stall for months just waiting on paperwork or a seller who suddenly ghosts. Honestly, I’d rather pay a bit more and know exactly what I’m getting into. Surprises are great for birthdays, not mortgages. If the seller’s not on board from the jump, it’s usually not worth the headache.
TAKING OVER SOMEONE ELSE'S FHA LOAN VS. GETTING A NEW ONE—WHICH MAKES MORE SENSE?
- 100% agree about surprises—
That line made me laugh but it’s so true.“Surprises are great for birthdays, not mortgages.”
- I get the appeal of those low rates, but if the process drags out and the seller’s not responsive, is it really worth the stress?
- Sometimes paying a little more upfront for a new loan feels safer. At least you know the timeline and what you’re dealing with.
- Had a friend who tried to assume a loan and ended up losing their earnest money after months of waiting... not fun.
- Still, if you find a super motivated seller and everything lines up? Maybe worth a shot. But yeah, I’d want everything spelled out before jumping in.
That’s gold. I’ve been on both sides—assumed a loan once, and yeah, the paperwork and waiting nearly drove me nuts. The rate was killer, but the seller’s bank dragged their feet for weeks. In the end, I saved a bit, but honestly, the stress almost wasn’t worth it. These days, I lean toward new loans unless the numbers are just too good to pass up. Sometimes peace of mind is worth a few extra bucks.“Surprises are great for birthdays, not mortgages.”