What Loan Assumption Means | ditech – What is a loan assumption? A loan assumption is a transaction in which a person (the "assumptor") obtains an ownership interest in real property from another person and accepts responsibility for the terms, payments and obligations of that other person’s mortgage loan.
How to Assume a Mortgage | Sapling.com – The seller transfers his mortgage obligation to the buyer, who makes all future payments. Historically, a buyer could assume a mortgage by private contract with the seller. Today, most lenders block such mortgage-assumption practices to ensure the lender has a say in the transaction.
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When you purchase a home, you can get a new mortgage loan, or attempt to assume the loan the seller’s already go. There are a number of reasons why you would want to assume a loan, if you’re able.
An assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller’s existing mortgage rather than obtain a brand-new mortgage.
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One primary benefit of assuming a mortgage is that you can take over payments under the borrower’s original interest rate. If interest rates when the borrower first obtained the loan were much.
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