Lender requiring new approval for family loan assumption?

BukoBreak

Pasalo on a family loan looked straightforward at first. Papers transferred quick, payments looked set to continue as is.

Then the lender flagged it. Said the assumption needs fresh approval, full background check included.

Now the original rate might not stick.

tahotrooper

Lender flags hit hard on family pasalo because they reset the whole deal as new. Check the original contract for any transfer clauses before the background check locks in higher terms.

visayanvanguard

tahotrooper’s spot on about that contract scan. Once the flag hits, the whole thing resets and the old rate slips away fast. Better to loop in the loan officer early and ask straight if they have any internal family transfer path before the full check locks everything new.