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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
When Is the First Mortgage Payment Due?
What Does Foreclosure Mean?
What Is a HELOC Loan?
Loan Default
Financial Considerations (For First-Time Home Buyers)
Mortgage Loan Types
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual