Buying a House in Brampton? Here’s How Assumable Mortgages Work
According to Wow.ca’s weekly average historical posted rates, the 5-year fixed mortgage rate hovered close to 7.04% before the rate cuts in June 2024. Since the rate cuts, the mortgage rates have dipped and are currently sitting at 6.09%, following two rate hold announcements. But what if you could take on another person’s low-interest mortgage instead of applying for a new mortgage at the current 6.09% rate? That’s possible if the seller of the house for sale in Brampton has an assumable mortgage.