Description

Cost: *Members $49.00 & Non-Members $74.00, 4 Clock Hours.

Mortgage Loan Assumptions

Assumptions allow qualified buyers to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. 

In this course we will learn how real estate brokers can help home sellers and buyers understand the steps to assuming a seller’s existing mortgage. By taking over the seller’s mortgage payments, home buyers may achieve a lower first mortgage interest rate, and home sellers can move forward with confidence.

• What is the assumption process for FHA, VA, and USDA Loans?
• Are conventional loans assumable?
• What is the “acceleration clause?”
• How does the seller receive a release of liability from the lender?
• How long do assumptions take?
• How can the home buyer obtain the down payment needed to make up the difference between the existing mortgage balance and the sales price?
• Does title transfer from seller to buyer?
• Does the seller pay excise tax when their loan is assumed?

We’ll answer all these questions and more!

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IMPORTANT! Attendance requirements: This is an in-person training. To receive CE credit, attendees must sign-in and attend the full duration of class. Those who arrive more than 30 minutes late to the session will not be eligible to receive CE credit.

Instructor: Jillayne Schlicke, M.A., has spent 40 years in the mortgage lending and real estate industries. As the CEO of CE Forward, Inc, Jillayne writes and teaches mortgage and real estate courses, webinars, convention workshops and college courses. She’s the author of numerous published articles appearing in Inman Real Estate News, Housing Wire, Power Originator Magazine, NAPMW, Scotsman Guide, Northwest MLS Reporter, Escrow Association of WA, Loan Officer Magazine, Real Estate Executive Magazine, Mortgage Banker Magazine, Washington Realtor News, Mortgage Originator Magazine. Jillayne also provides consulting services in the areas of compliance, mortgage lending law, mortgage fraud, ethics, and communications.

*Only Active REALTOR® members of SKCR are eligible to receive Member price online. If you are a REALTOR® member of another Association, you are eligible to receive Member price. Please call the Association office at 425-974-1011 to register.

Cancellation Policy:
*Pre-registration required. Only Pre-Paid registrants will guarantee reservation.
(Cancellations must be made 24 hours in advance of scheduled class for refund)