Pall Spera Company Realtors-Stowe, VT
Teresa Merelman, Broker, Pall Spera Company Realtors-Stowe, VTPhone: (802) 793-5171
Email: [email protected]
Email: [email protected]
If you’re on the hunt for your next home, you may be curious about financing options. Outside a traditional home loan, some homebuyers opt for an assumable mortgage. Understanding what loan assumption is gives you a better idea of financing alternatives and in turn can land you the home of your dreams.
Mortgage assumption is the act of taking over the remaining balance of the previous property owner’s mortgage loan. All loan conditions will remain intact including interest rates, loan term and loan balance.
The value of the home may have increased since the original owner purchased the property. The difference between the original value and current value will be the amount you’d pay on the down payment.
As a standard, government-backed loans are applicable to be assumed. Conventional loans can be assumed, but this option is not the most ideal for most buyers as oftentimes, the lender will require the whole sum of the remaining balance be paid at the closing of the property.
FHA loans are a bit more lenient and in most cases only need approval from a lender. VA loans can be assumed, but come with a few extra stipulations and rules. These include:
Loan assumption may be beneficial as it often comes with lower interest rates and less debt. However, with a higher down payment and additional fees, it pays to do research to figure out if this loan option is best for you.
Teresa's beginnings were at Fort Belvoir, Virginia. She was child #5 of 8 and born into an Air Force family that moved all over the United States but usually ended up back in the Washington, D.C. area. Teresa attended Miami University in Oxford, Ohio and received her bachelor's degree in business from George Mason University, in Fairfax, Virginia. Some of her prior careers include: computer buyer in Fairfax, Virginia; Deputy Clerk at the U.S. District Court in Denver, Colorado; Police Officer in Steamboat Springs, Colorado; and Bed & Breakfast owner in Stowe, Vermont. Teresa obtained her license as a Realtor® in 1998. She has been through many ups and downs in this profession and continues to learn every day. She very much enjoys the real estate profession and the wonderful people she has met and assisted along the way. In order to serve her clients and customers, Teresa continually attends classes and seminars. Some of her Designations and Certifications include:
Teresa has also served and continues to serve on several boards:
In 2007, Teresa was named Vermont Realtor of the Year.Teresa and her husband, a local attorney, moved to Stowe in 1987. They had two sons and Stowe has been their home for the past 36 years. She still feels the Stowe area is a wonderful place to raise a family, there's always something going on. Teresa can often be found behind the lens of her camera documenting the beauty of the area and its many events.As an update, Teresa's older son is now a Doctor/resident at the University of New Mexico's Emergency Management Program. Her younger son graduated from James Mason University and currently resides in Chicago, IL as a supervisor for OKTA.
