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Assumption
Updated
January 19, 2023
The act of a buyer taking over the mortgage payments of the seller in order to purchase a home. When assuming a loan, the outstanding balance, lien's interest rate, the repayment period, and often other terms and agreements attached to that specific loan are unchanged.
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Loan Default
Financial Considerations (For First-Time Home Buyers)
Mortgage Loan Types
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual