Another Great Assumable Mortgage Story
I received another response about assumable mortgages in Alberta that I just had to post:
I am a single parent of 3 children, I purchased my first house in a small town by Red Deer, did some extensive renovations and sold it for $30,000 more than I paid for it.
I used that to assume my next house in Calgary, had that for 3 years, and sold it for 2x what I paid, now I’m looking at assuming another one in Calgary, using of course the profit.
I have excellent credit, never missed a payment, but I only made 30,000 per year. Now I make 38,000 but in the long run it is less than I used to make, because I no longer get child support or child tax, which is never taken in consideration by banks. But now I have 2 young adults willing to rent to help pay the mortgage. I always tell them, where there is a will there is a way, sometimes you have to use the back door.
Assumables are what you make them to be. I wish they had them in BC, they are not just for people with bad credit.
In a follow up email she wrote:
I wrote [my story] because I want people to understand assumables are not just for people that have had a run of bad luck. Some times with Banks it is the only way someone like myself could own a home. I would like to let other women know, you can own a house, because there is no better feeling in the world to own your own home.
Stories like these serve as great inspirations to the many people in Alberta who do not own their own home. I thank the author for sharing her touching story.