Mortgage rates have doubled during the past year, and it’s making it harder to buy a home. The payments are higher, and some applicants don’t qualify for a loan because a lender will look at their potential monthly payment compared to whatever their income is.

Assuming an existing mortgage at a lower rate can let you avoid the adverse effects of higher rates. A buyer who assumes a mortgage might see a rate that begins with a three or sometimes even a two if the loan originated in 2020 or 2021 when the interest rates were at all-time lows.