How To Assume A Mortgage

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With an assumable mortgage, that’s precisely what you agree to: taking over and paying down the balance of the previous owner’s home loan, according to the original terms. In a rising-interest-rate environment, an assumable mortgage might seem like an attractive choice.

When you assume a mortgage, you take over ownership of another individual’s property and its associated mortgage without a formal sale.

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How to Assume a Mortgage – Assuming the Mortgage Request an application from the lender. gather financial information. Complete the application. Answer follow-up questions and complete forms. Sign an assumption agreement. Attend the closing.

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If you inherit a home after a loved one dies, an interpretive rule issued in 2014 by the consumer financial protection bureau (CFPB) clears the way for you to more easily take over an existing mortgage on the property. The CFPB rule also helps heirs by requiring mortgage servicers to provide certain information about the home loan.

To assume an existing mortgage loan, you’ll need to meet certain income and credit-related requirements, which vary by loan type and lender. With VA loans, for example, you must pay a funding fee of 0.5% of the assumable loan’s balance, and the assumption will need to be approved by the VA or the loan’s lender in advance.

The process to assume an FHA loan is determined by the date of the original loan. If it was originated before December 1, 1986, it can be completed under the "Simple Assumption process," with no required credit check or lender approval.

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An assumable mortgage allows the purchaser of a property to assume the mortgage from the property’s seller. There may be benefits for both the buyer and the seller attached to an assumed mortgage. As interest rates begin to move upwards, it may make sense for buyers to look into assuming the mortgage on the home they are buying.

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An assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller’s existing mortgage rather than obtain a brand-new mortgage.

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