Back to Glossary
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.
Related Topics
10 Best Home Builders in Nashville, TN: Find Your Dream Home Today
Wesley Mortgage 2023 Year-In-Review
What Is a Property Tax Lien
What Is an Adjustable Rate Mortgage (ARM)?
Navigating the Process of Mortgage Modification
What Is Non-Recourse Lending?
What Is a Short Sale?
When Is the First Mortgage Payment Due?