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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
Assumption Fee
Synonyms: | take over, transfer cost, update fee |
Filed Under: | legal-contracts, mortgages, real-estate |
Tags: | contract, legal, mortgage, realty |
Definition of assumption fee
- assumption fee
- 1. Lenders will charge a fee to update mortgage records when a buyer assumes an existing mortgage from the seller.
Related Terms and Acronyms:
- assignment The transfer of a mortgage from one person to another.
- assumability The ability of a mortgage to be taken over from the original borrower by a new borrower.
- assumable A loan or obligation that can be taken over by a new borrower.
- assumable mortgage A mortgage that can be taken over or "assumed" by the buyer when a home is sold.
- closing costs The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
- lender The bank or mortgage company offering the loan.
- mortgage assumption Taking over the payment and responsibility for an existing property loan.
- origination fee The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.
- pre-paid expenses also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
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