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An assumable mortgage allows someone to find a house they want to buy and take over the seller's existing home loan without applying for a new mortgage. This means the remaining balance, mortgage rate, repayment period and other loan terms stay the same, but the responsibility for the debt is transferred to the buyer.
Conventional loans are not typically assumable because they almost always contain a "due on sale" clause in their loan documents, requiring that the mortgage be paid off if the property is transferred.
Assumption fee is the charge paid by the buyer who assumes a mortgage on a property, i.e. buying a property that has not been completely paid off to the bank.
An assumption clause is a provision in a mortgage contract that allows the seller of a home to pass responsibility for the existing mortgage to the buyer of the property. In other words, the new homeowner assumes the existing mortgage and\u2014along with it\u2014ownership of the property that secures the loan.
In order to assume a mortgage in this way, the buyer must first qualify with the lender. If the price of the home exceeds the remaining mortgage, the buyer must provide a down payment for the difference between the two.
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To assume a loan, the buyer must qualify with the lender. If the price of the house exceeds the remaining mortgage, the buyer must remit a down payment that is the difference between the sale price and the mortgage. If the difference is substantial, the buyer may need to secure a second mortgage.
An assumable mortgage allows someone to find a house they want to buy and take over the seller's existing home loan without applying for a new mortgage. This means the remaining balance, mortgage rate, repayment period and other loan terms stay the same, but the responsibility for the debt is transferred to the buyer.
An assumable mortgage provides a buyer the opportunity to purchase a home by taking over the seller's mortgage loan. One reason buyers decide to buy a home with an assumable mortgage is to take advantage of financing with a lower interest rate if rates have risen since the seller originally purchased the home.
Financial assumptions are the guidelines you give your business plan to follow. They can range from financial forecasts about costs, revenue, return on investment, and operating and startup expenses. Basically, financial assumptions serve as a forecast of what your business will do in the future.
An assumable mortgage allows someone to find a house they want to buy and take over the seller's existing home loan without applying for a new mortgage. This means the remaining balance, mortgage rate, repayment period and other loan terms stay the same, but the responsibility for the debt is transferred to the buyer.

mortgage assumption agreement