Saving Money on Your Mortgage

You might "assume" the existing mortgage on the house you're buying, if there is one. This is a good deal if the existing mortgage is at a lower rate than prevailing interest rates. To do this, you'll need to make sure the existing mortgage is "assumable," or transferable. And, you'll have to cough up whatever difference there is between the purchase price and the outstanding debt. You might do this by tapping your nest egg, if it's large enough, or by taking out a second mortgage