Whether or not a mortgage may be transferred from the seller to new buyer, assuming the prospective buyer is deemed credit worthy by the issuing lender. A mortgage may not be assumed if it contains a due-on-sale clause.
The ability of a seller to transfer the mortgage to the new buyer. This means the mortgage is assumable. Lenders generally require credit review of the new borrower and may charge a fee for the assumption. When you are selling your home assumability can help you attract buyers.
A mortgage feature allowing the homebuyer to assume responsibility for the obligations of a mortgage made by a former owner. In most cases, assumability is not automatic and the buyer must be qualified by the lender in order to assume the mortgage.
When a home is sold, if it is assumable, the seller may be able to transfer the mortgage to the new home buyer. Lenders generally require a credit review of the new buyer and may charge a fee for the assumption. Assumability can help attract buyers if you sell your home. The seller remains secondary liable unless specifically released by the lender.
a mortgage loan which can be transferred to another person without a change in the terms of the loan.
A loan feature that allows the loan to be transferred from the seller to the purchaser of a home with the same terms and conditions, subject to lender approval.
An assumable mortgage can be transferred from the seller to the new buyer. Generally requires a credit review of the new borrower and lenders may charge a fee for the assumption. If a mortgage contains a due-on-sale clause, it may not be assumed by a new buyer.
Allows the buyer to take over the seller's mortgage on the property.
A feature of a loan which allows it to be transferred to the new purchaser of a home. Assumable mortgages can help attract buyers since assumption of a loan requires lower fees and/or qualifying standards than a new loan.
A feature of a loan which permits you to transfer your mortgage and its specified terms to the person(s) purchasing your home. Having an assumable loan could make it easier to sell your home, since assumption of a loan usually involves lower fees and/or qualifying standards for the new borrower than a new loan.
The ability of a mortgage loan to be taken over by a new borrower.
A feature of loans which permits you to transfer your mortgage and its specified terms to the purchaser of your home.
When a home is sold, the seller may be able to transfer the mortgage to the new buyer. This means the mortgage is assumable. Lenders generally require a credit review of the new borrower and may charge a fee for the assumption. Some mortgages contain a due-on-sale clause, which means that the mortgage may not be transferable to a new buyer. Instead, the lender may make you pay the entire balance that is due when you sell the home. Assumability can help you attract buyers if you sell your home.
A lending condition that allows a buyer to take over (or assume) a seller's mortgage on the property.
This permits you to transfer your mortgage to anyone who wants to buy your house, as long as that person meets the credit standards of the lender.
Agreement by a buyer to assume liability under an existing agreement between seller and lender. Not all loans or loan terms are "Assumable." The lender typically must approve the new borrower.
A loan feature that allows the loan to be transferred to the new purchaser of a home. Assumable mortgages can help attract buyers since assumption of a loan requires fees and/or qualifying standards lower than a new loan.
