Assuming a mortgage loan in my name only


If I qualify to assume a mortgage loan in my name only from my ex will I lose my current interest rate?


You are correct, assuming a mortgage means you take over the current loan, including the balance, payment, and rate.

Answered 3 months ago
Ted Rood
1328 6
3 months ago Larry Gray said:

I should have shortened my answer to: “check with the current lender though almost always when a spouse is assuming the loan on a home, particularly if the other spouse’s attorney was "on the ball” to make sure that happens, the spouse with home ownership will end up refinancing with the best rate they can get at the time. But on rare occasion one might have a loan wherein it assumable with the current rate! I know, because I have seen it happen. I must apologize to the questioner for suggesting they might have much of a chance of keeping the current rate. I just did not edit my words as I usually would where I usually answer questions!


If you are currently on the loan, it is possible to assume and you may want to talk with your attorney about it perhaps, but definitely with the lender. There are issues that may need to be cleared, but sure you could hold onto the rate with the loan. I recently refinanced a home in someone’s name just after the divorce. His ex-spouse obviously had to sign some papers. He most likely could have kept the loan he had , but in his case there was going to be at least a 6 month wait. Each person’s situation may be slightly different.

Answered 4 months ago
3 months ago cman143 said:

Thanks Larry

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