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. All mortgages are potentially assumable, though lenders may attempt to prevent the assumption of a mortgage loan with a due-on-sale clause.
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. All mortgages are potentially assumable, though lenders may attempt to prevent the assumption of a mortgage loan with a due-on-sale clause.
Source: Wikipedia "Mortgage assumption" · CC BY-SA 4.0
Share this article: X · Bluesky