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There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU.
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Judy Lundquist is one of The Top
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 Judy and
daughter, Katie, on vacation.Judy Lundquist is a Native Texan. She received a B.S. degree from Oklahoma State University in Stillwater, Oklahoma, and a M.A. degree from Texas Woman's University in Denton, Texas. She and her husband, John, have one child, Katie. Judy taught mathematics in a public school in Illinois and at the college level in Texas. She received her real estate license in 1991. Recognizing the value of education in better serving her clients, Judy has achieved the CRS (Certified Residential Specialist) and the ABR (Accredited Buyer's Representative), along with several other professional designations.
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Financing Your Home >Assuming a Mortgage
You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.
Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.
Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.
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| Q |
What is the world's oldest wooden structure?
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| A |
The oldest wooden buildings are the Pagoda, Chumanar Gate and Temple of Horyu in Nara, Japan, dating from A.D. 670.
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