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    a “due-on-sale” clause, mortgages are required to be paid off in full if you are selling your home.

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    During the peak of the refinance boom, interest rates were at an all time low. In June of 2003, the average rate for a 30-year fixed mortgage was 5.21%. Many people were wondering how long those rates would last and how could they keep them that low. There’s no doubt some people have had hesitations about re-locating for fear of losing their unbelievably low fixed-rate mortgage. Because the majority of loans written today contain a “due-on-sale” clause, mortgages are required to be paid off in full if you are selling your home.

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    rate for a 30-year fixed mortgage was 5.21%. Many people were wondering how long those rates would last and how could they keep them that low. There’s no doubt some people have had hesitations about re-locating for fear of losing their unbelievably low fixed-rate mortgage. Because the majority of loans written today contain a “due-on-sale” clause, mortgages are required to be paid off in full if you are selling your home.

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    how could they keep them that low. There’s no doubt some people have had hesitations about re-locating for fear of losing their unbelievably low fixed-rate mortgage. Because the majority of loans written today contain a “due-on-sale” clause, mortgages are required to be paid off in full if you are selling your home.

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    ar of losing their unbelievably low fixed-rate mortgage. Because the majority of loans written today contain a “due-on-sale” clause, mortgages are required to be paid off in full if you are selling your home.

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    a “due-on-sale” clause, mortgages are required to be paid off in full if you are selling your home.

    Assumable Mortgages

    Exceptions to that rule are assumable mortgages. In these mortgages, the new borrower can basically take the place of the previous borrower and assume the terms and payments of the mortgage currently held. Although some adjustable rate mortgages (or ARM’s) may contain an assumability option, the majority of assumable mortgages are government-insured mortgages, such as FHA and VA loans (as opposed to “co

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