Donegal is a wonderful place to live in and assuming a mortgage seems a good idea. Mortgages, as such, have transformed our lives in a radical manner. Just talk to any adult and you will find that most of them have taken a mortgage (or are planning to get one). So, the mortgage loan monthly payment is a standard/regular outgo from the bank accounts of many people.

There are various types of mortgages, all of which are basically based on just 2 types of mortgage rates i.e. the fixed mortgage rate and the adjustable mortgage rate (and there are various combinations of these). And you can get a mortgage either through a mortgage broker or through a lender. However, there is another way of getting a mortgage i.e. by assuming a mortgage. When you say that you assumed a mortgage in Donegal, you are basically referring to taking over the mortgage that the seller had on his/her Donegal house. So, the obligation of his/her mortgage (on that Donegal house, that you are buying), will be transferred to you. Of course, the consent of the mortgage lender is required but you can surely assume the mortgage of the seller. The mortgage you assume from a seller generally continues with you on either the same mortgage interest rate or a lower mortgage interest rate. Further, the fees (and the hassle) with such a mortgage is much lesser.

Assuming a mortgage is surely a good option, however, you must evaluate it in the light of other mortgage offers that you can get (you can quickly get other mortgage offers through websites Online).