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| Home | Ask Your Question | Mortgage Glossary | ||
AssumptionThe agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money since this is an existing mortgage debt, unlike a new mortgage where closing cost and new, probably higher, market-rate interest charges will apply. |
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Related Mortgage Definitions: Prepayment Prepayment Full or partial payment of the principal before the due date. This might occur if the borrower makes extra payments, sells the property, or refinances the existing loan. ... more... Sheriff Sale Sheriff Sale The sheriff's sale is a public auction held at the courthouse door, and anyone can bid on the property. The property is sold to the highest bidder and the proceeds are used to pay for the costs of the sale and to pay off the mortgage. A deed given at the ... more... Assumption Assumption The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money since this is an existing mortgage debt, unlike a new ... more... Refinance Refinance Refinancing refers to applying for a mortgage loan intended to replace an existing loan secured by the property. Homeowners usually consider refinancing for the purpose of getting a better interest rate, loan term, or to draw cash from the equity. ... more... |
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