Post Content

Alexandria husband and wife real estate team launch website to find lucrative assumable mortgages

AssumeList founders Michael Lorino (left) and Bethany Stalder (right) (image courtesy AssumeList)

A husband-and-wife real estate team in Alexandria have launched a new site to help homebuyers find often lucrative assumable mortgages.

An assumable mortgage allows a buyer to assume the rate, repayment period, balance and other terms of the seller’s mortgage. For homebuyers, it can be a way around high-interest rates, but the trick is finding them.

The website AssumeList was built after the local real estate agents Michael Lorino and Bethany Stalder found that there was no easy way to track or find assumable rate mortgages.

Lorino said home buyers today are likely looking at 6.25% or 6% interest rates.

“Generally speaking, for every 1% change in the interest rate in a mortgage, that translates into a 10% change in a monthly mortgage payment,” Lorino said.

Some assumable mortgages, however, can come with interest rates of 2.5-3%.

“I would be able to assume that mortgage and buy that house with existing loans,” Lorino said. “As a buyer, that’s huge for me because I’m saving 35% a month.”

Lorino said any government back loans are assumable. Most notably, for this region, that includes loans backed by the United States Department of Veterans Affairs. Lorino noted that those loans can be assumed by anyone, meaning they can be transferred to non-military veterans.

“In this area, we obviously have a higher concentration of military families,” Lorino said. “We have a higher concentration of homes that are assumable in this market compared to places in the midwest.”

Lorino said it’s a fairly unique market in that around 10% of homes in Northern Virginia have assumable mortgages.

“In Alexandria there are 233 homes for sale right now, not including those under contract,” Lorino said. “My guess is: about 25 or so of those have an assumable mortgage.”

Lorino said the concept for the website started around a year and a half ago when interest rates started increasing.

“We work with a lot of military families and were saying ‘why take out loans at 6% when these rates are lower?’ Lorino said.

Lorino said he went through various search functions real estate agents use, but there was no way to search for assumable mortgages.

“I said ‘heck, if there’s no way to search for them, why not build a search tool?'” Lorino said.

Lorino said the platform takes aggregated data from public records and private data aggregated from other data repositories to identify mortgages on properties.

“You can identify mortgages on properties, that’s reported in the public record,” Lorino said. “Not even all listing agents know their home has an assumable mortgage.”

The website currently covers parts of:

  • California
  • Delaware
  • Florida
  • Maryland
  • New Jersey
  • Pennsylvania
  • Virginia
  • Washington D.C.
  • West Virginia

Recent Stories

After a three-month renovation, Royal Restauraunt reopened to the public on Wednesday with an expanded menu and hours. The favorite brunch spot was bought by Alexandria Restaurant Partners and Sloan…

Good Friday morning, Alexandria! ⛈️ Today’s weather: Expect scattered showers and thunderstorms, partly sunny skies, and a high around 68. Breezy conditions will prevail, featuring a west wind at 14-24…

A look at the most and least expensive condos sold in Alexandria last month, March 2024.

Alexandria School Board Member Tim Beaty just won his special election in January, and now he tells us that he’s running for reelection in November. Beaty won a special election…

There’s a reason Well-Paid Maids has hundreds of positive reviews from happy clients in the D.C. area.

The home cleaning company pays cleaners — who are W-2 employees — a living wage starting at $24 an hour. Plus, cleaners are offered benefits, including insurance, 24 paid days off a year, 100% employer-paid commuting costs and more.

Lexi Grant, an operations manager at Well-Paid Maids, said it best: “People deserve their work to be respected and recognized. When that happens, you love what you do, and you create the best results.”

Read More

Submit your own Community Post here.

Are you feeling overwhelmed by life’s challenges? Do stress and anxiety seem to dominate your thoughts? At Peaceful Mind Solutions, we understand that navigating mental health can be daunting, but you don’t have to do it alone.

Our team of compassionate therapists is here to guide you on your journey toward inner peace and emotional well-being. With a client-centered approach, we tailor our therapy sessions to meet your unique needs and goals. Whether you’re struggling with depression, coping with trauma, or simply seeking personal growth, we provide a safe and supportive space for healing and growth.

Embark on a path of self-discovery with our comprehensive range of therapy services, including cognitive-behavioral therapy, mindfulness practices, and holistic approaches. Our experienced therapists are dedicated to helping you cultivate resilience, develop coping skills, and foster a greater sense of self-awareness.

Read More

Submit your own Community Post here.

Celtic Corridor in Concert at the Lyceum

Billy McComiskey, on button accordion, National Endowment for the Arts Heritage Award winner, All-Ireland Award winner, who has played with the Irish groups The Irish Tradition, Trian, and Green Fields of America. Billy’s playing is highly regarded as are his

Vintage Night Market

We’re pulling out the stops to give you a fun and exciting shopping experience! The artistic walls of Galactic Panther offer up an eclectic buzz for a night of shopping. We hav elocal vendors and small businesses waiting to provide

×

Subscribe to our mailing list