What Does It Mean To Assume A Mortgage

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Assume definition is – to take to or upon oneself : undertake. How to use assume in a sentence. The Difference Between assume and presume Synonym Discussion of assume.

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Ask the seller about the existing mortgage and lender. The existing mortgage type will determine if you can legally assume it. FHA and VA loans are generally assumable, which means that the balance of the mortgage may be transferred to the buyer.

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For example, if the seller only has an assumable mortgage amount of $100,000 but is selling the home for $150,000, the buyer will have to come up with the additional $50,000.

It is important to note that a mortgage that has been assumed by a third party does not mean that the seller is off the hook on the debt payment.

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Mortgage Assumption. A mortgage assumption is a transaction where a new person takes over responsibility for the loan. The property is transferred (for example, sold to another party) and the buyer steps into the original borrower’s shoes and starts making the monthly payments and complying with other terms of the existing loan.

Mortgage assumptions: Understanding. NOTE: Not all loan programs are assumable.. How can a loan be assumed in the event of a death of the borrower?

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BREAKING DOWN ‘Assumable Mortgage’. When this happens, borrowers taking a loan will be given high interest rates on any loans approved. Therefore, an assumable mortgage during this period is an attractive feature to a buyer who will be taking on an existing loan that was made during a time of lower interest rates.