The era of 3% mortgages is over, replaced by higher rates above 6%, making homebuying less affordable. Assumable loans, often government-backed, let buyers take over sellers' lower-rate mortgages, offering significant monthly savings and easier qualification. However, assumptions require lender approval, can involve equity gaps, and may complicate VA loan entitlements. Buyers and sellers must actively seek and understand these loans to benefit in today's market.
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