Assumable Mortgage

Definition

  • An existing mortgage that can be taken over or "assumed" by the buyer from the seller when a property is sold.

Synonyms
assignment, take over, acquire, transfer

Related Terms and Acronyms

  • 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 (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • 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.
  • Porting Definition,
    • A portable mortgage allows you to transfer the terms and conditions from an existing property loan to a new property loan.
  • 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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