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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.
Assumable refers to when one party takes over the obligation of another. In terms of an assumable mortgage, the buyer assumes the existing mortgage of the seller. When the mortgage is assumed, the seller is often no longer responsible for the debt.
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.
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.
Pitfalls of loan assumptions In such a scenario, lenders may raise the interest rate, require more stringent oversight or cash management provisions, and increase or require borrower reserves. The length or complexity of the assumption process will also depend on the type of loan and lender involved.
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Advantages. If the assumable interest rate is lower than current market rates, the buyer saves money straight away. There are also fewer closing costs associated with assuming a mortgage. This can save money for the seller as well as the buyer.
Assuming a mortgage after death or divorce In both cases, assumption is allowed even if the contract doesn't include an assumption clause. In an inheritance scenario, the new borrower does not need to qualify for the loan in order to assume it.
Both involve the sale of a property without paying off the underlying mortgage. With an assumption, the buyer agrees to become personally liable for any deficiency judgment upon default; subject to means the seller remains primarily liable for the note and the mortgage.
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.
The most important document in the loan assumption process is the deed of trust, which adds your name to the mortgage and absolves the original borrower of any obligations under the agreement, assuming a novation. All parties will be required to sign the final documents.

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