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what is an assumable mortgage

Mortgage assumption Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines.

An assumable mortgage is a type of financing arrangement in which an outstanding mortgage and its terms can be transferred from the current owner to a buyer.

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An assumable mortgage is a type of mortgage loan agreement in which the terms and the remaining balance of a mortgage can be passed from the seller of a home (and original owner of the mortgage loan) to a buyer. In short, it allows home buyers to take on or "assume" the home loan from the home seller.

Assuming a home seller’s existing mortgage can be attractive when the rate on that mortgage is well below the current market. Such assumption has a value that can be shared by buyer and seller. conventional loans today, however, must be repaid on sale of the property, and lenders will allow an assumption only at the current market price.

An assumable mortgage is a type of home financing that allows for a new owner to assume the existing mortgage when purchasing a piece of property. This type of transferable mortgage usually includes a specific clause that outlines the requirements that must be met in order for the mortgage transfer from the incumbent owner to the new owner to take place.

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Assuming a mortgage is a process by which you take over the payments on an existing loan rather than secure your own financing to purchase the house. Most lenders include a due-on-sale clause that prohibits a buyer from assuming a mortgage by making the note payable upon the transition of ownership of the mortgaged property.

Assumable Mortgages Explained Many circumstances exist when someone needs to assume a mortgage. The most common is children taking over the mortgage from aging or deceased parents. Another common scenario is when a financially.

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