A Mortgage Assumption Agreement is a legal document that is used when a buyer assumes the existing mortgage of the seller on a property. This agreement is a substitute for a new mortgage agreement, and it gives the buyer the right to take over the payments on the loan from the seller. There are two types of Mortgage Assumption Agreement: an assumable mortgage and a non-assumable mortgage. An assumable mortgage allows a buyer to take over the mortgage from the seller, while a non-assumable mortgage requires the buyer to get a new loan. The Mortgage Assumption Agreement outlines the terms of the assumption, such as the interest rate, the payment amount, and the length of the loan. The agreement also includes any additional fees required by the lender.
Mortgage Assumption Agreement Template
Description Simple Assumption Agreement Form
How to fill out Mortgage Assumption Agreement?
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