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LSDefine

Simple English definitions for legal terms

assumable mortgage

Read a random definition: Immigration & Naturalization Service v. Delgado

A quick definition of assumable mortgage:

Assumable mortgage: A type of mortgage that can be transferred from the seller to the buyer when a property is sold. This means that the buyer takes over the existing mortgage instead of getting a new one. It can save the buyer money on fees and interest if the mortgage has a lower interest rate than the market. However, the transfer can only happen if the mortgage is assumable, the creditors agree to the transfer, and the buyer meets the financial requirements. Sellers need to be careful because they may still be responsible for the mortgage even after the sale, unless the creditors release them. Buyers should also consider if it's worth getting their own mortgage to cover the rest of the purchase price.

A more thorough explanation:

An assumable mortgage is a type of mortgage that can be transferred from the seller to the buyer when a property is sold. Instead of the buyer getting a new mortgage, they take over the existing mortgage. This can save the buyer money on fees and interest if the mortgage has a lower interest rate than the current market rate.

However, not all mortgages are assumable, and the transfer can only happen if the creditors agree to it and the buyer meets the financial requirements of the mortgage. The seller may still be liable for the mortgage even after the sale, unless the creditors release them from it.

For example, if John sells his house to Jane for $200,000 and the existing mortgage is $150,000, Jane can take over the mortgage instead of getting a new one. However, if the mortgage is not assumable, Jane will have to get a new mortgage for the full purchase price.

It's important for both the buyer and seller to carefully consider the benefits and risks of an assumable mortgage before agreeing to it.

association | assume

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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