Assignment

Definition

  • Assignment refers to the transfer of a mortgage from one person to another person.

Synonyms
shift, move, transfer

Related Terms and Acronyms

  • Assumability Definition,
    • The ability of a mortgage to be taken over from the original borrower by a new borrower.
  • Assumption Clause Definition,
    • A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
  • Assumption Fee Definition,
    • A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
  • Transfer of Title (TOT) Acronym,
    • A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage