Assumable Mortage
I see a lot of properties(mostly large apt buildings) that have assumable mortgages. my question is how easy is it to assume these mortgages? Are they the same criteria for qualifying as if I were to get a new loan? are there costs in assuming them and if not is that the only difference or advantage to a new loan? I know each assumable loan will be different, but I am just wondering if this is a good loan to pursue, or would I be just as well off getting a whole new loan. and real quick too, what does "cap rate" mean when looking at investment properties? thanks in advance.
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