• The ability of a mortgage to be taken over by a new borrower. See also "Assumable Mortgage."

shift, transfer, move, assignment

Related Terms and Acronyms

  • Assignment Definition,
    • The transfer of a mortgage from one person to another.
  • Assumable Definition,
    • A loan or obligation that can be taken over by a new borrower.
  • Assumption Clause Definition,
    • A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
  • Assumption Fee Definition,
    • A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
  • Mortgage Assumption Definition, Important,
    • Taking over the payment and responsibility for an existing property loan.
  • Non-assumption Clause Definition,
    • A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
  • Transfer of Title (TOT) Acronym,
    • A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
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