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Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. [1]
A mortgage transfer is when another person or an entity takes over your existing mortgage. Most mortgages are not transferable, but lenders may approve a transfer in a few situations.
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
Most mortgages are fully amortized, meaning they’re repaid in installments — regular, equal (usually) payments on a set schedule, with the last payment paying off the loan at the end of the ...
Servicing loans: Once the loan closes, your mortgage banker might also service your loan, meaning they manage the repayment process and assist you if you need help with repayment.
Virtually all mortgage loans made in the United States by institutional lenders in recent years contain a due-on-sale clause. These clauses are meant to require the loan to be paid in full in the case of a sale or conveyance of interest in the subject property. This is in contrast to the wide availability of assumable mortgages in the past ...
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