Stop paying over 7% for a mortgage. Use the cheat code.

Mortgage rates are high again: the average 30-year fixed rate hit about 7.4% in mid-October 2026, according to Freddie Mac. The "mortgage cheat code" is one way around today's high rates. It's an assumable loan: buying a home by taking over the seller's existing FHA or VA mortgage, including its interest rate, instead of starting a brand-new loan. I bought my own Goodyear home this way in October 2023, and ABC15 and Business Insider both covered the story.

Cheat Code Unlocked: explore Arizona homes with potentially assumable loans, themortgagecheatcode.com, Terry Day, DeLex Realty

This is Day 1 of a 10-day series called The Mortgage Cheat Code. Each day I'll take one piece of how assumable loans work in Arizona, the good parts and the fine print, and explain it in plain English. If you only remember one web address from the series, make it themortgagecheatcode.com. It takes you straight to my live list of Arizona homes that may have an assumable loan.

Where the name came from

In October 2023, while new loans were running around 7%, I bought my home in Goodyear by assuming the seller's FHA loan at a rate under 2.5%. Same house, same neighborhood, but a much smaller monthly payment than a new loan would have given me.

That winter, Business Insider and ABC15 Arizona both ran stories on how I did it. I told them what I tell my clients: "I call it the 'mortgage cheat code.'" The name stuck, and it's now the name of this series.

The savings are real. In those interviews I estimated we save about $1,000 a month compared with a new loan at the rates of that time. That's my own home and my own numbers, not a promise for anyone else's purchase, but it shows why these loans are worth a look.

What makes it a "cheat code"

Most homes are bought with a new mortgage at whatever rates are on the day you buy, and right now that means rates north of 7%. A cheat code skips that step:

  • You take over the seller's loan. FHA and VA loans can generally be assumed with the loan servicer's approval. Most conventional loans cannot, because of a "due-on-sale" clause.
  • You keep the seller's rate and remaining term. Many Arizona sellers locked in loans from 2020 to early 2023, when rates were far lower than today.
  • You cover the difference. You pay the seller the gap between the price and the remaining loan balance, plus closing costs.

It is not a shortcut around qualifying. The servicer still checks your credit, income and debts, and the process often takes longer than a regular purchase. When I went through it, the lender asked for paperwork much like a new loan: income, bank statements and a full picture of monthly bills. Knowing that going in is half the battle.

The 10-day Mortgage Cheat Code series

  1. Cheat Code Unlocked: what an assumable loan is (today)
  2. Buy the home. Ask about the loan. How to spot a home whose loan may be assumable
  3. The rate is only part of the story. Cash needed, fees and the full monthly cost
  4. Know your cash gap. Price versus remaining balance, and ways buyers cover it
  5. VA assumptions: not just for veterans. What non-veterans and sellers should know
  6. FHA loan? Ask the next question. How FHA assumptions work
  7. Cheat code, real approval. What the servicer reviews
  8. Compare the whole payment. Taxes, insurance, mortgage insurance and HOA dues
  9. Your loan may be part of your home's appeal. The seller's side
  10. Ready to find your next move? Putting it all together

How to use the cheat code today

Go to themortgagecheatcode.com (it opens my Assumable Homes in Arizona page). You'll find:

  • The newest homes on our assumable list, refreshed every morning from public records.
  • Three hot-deal badges: Cheat Code Unlocked, Shut the Front Door! and Honey, Get the Keys!, which group homes by how good the seller's loan likely is.
  • A map search, plus city buttons for Phoenix, Mesa, Surprise, Buckeye, Goodyear and more.
  • A savings calculator you can run on any home you like.

Want the background first? Read How Assumable Mortgages Work in Arizona or How to Buy an Arizona Home by Taking Over the Seller's Loan.

Questions people ask

What is the mortgage cheat code?
It's my nickname for an assumable mortgage: buying a home by taking over the seller's existing FHA or VA loan and its interest rate. The servicer must approve the buyer, and the buyer covers the gap between the price and the loan balance.

Can anyone assume a loan?
Only certain loans can be assumed, mainly FHA, VA and some USDA loans, and the buyer has to qualify with the loan servicer. Most conventional loans cannot be assumed.

Is the rate guaranteed?
No. Nothing is final until the seller's mortgage statement is reviewed and the servicer approves you. Every estimate on my assumable page is labeled as an estimate for that reason.

Do I need a lot of cash?
It depends on the home. The cash needed is the difference between the price and the remaining loan balance, plus closing costs. Day 4 of this series covers the cash gap in detail.

Ready to try the cheat code?

See today's assumable homes at themortgagecheatcode.com, or call or text Terry Day at 602-483-4665. I've done this from the buyer's side and I'll walk you through every step.

The 7.4% figure is the national average 30-year fixed rate from Freddie Mac's Primary Mortgage Market Survey for the week of October 15, 2026, not a quote. Your rate depends on your credit, loan type and lender. My rate and savings are from my own October 2023 purchase as reported by ABC15 and Business Insider. They are not a quote, a loan offer or a promise of any rate or payment. Assumption approval is decided by the loan servicer, and buyers must qualify. Terry Day is a real estate agent, not a lender. Equal Housing Opportunity.

Terry Day, REALTOR®, DeLex Realty, 10115 E Bell Rd, Scottsdale, AZ 85260.