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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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76% - Very Often

Assumable Mortgage


Synonyms:acquire, assignment, take over, transfer
Filed Under: mortgages, real-estate
Tags: mortgage, realty
 

Definition of assumable mortgage

assumable mortgage
1. An existing mortgage that can be taken over or "assumed" by the buyer from the seller when a property is sold.

Related Terms and Acronyms:

  • assumption clause   A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
  • assumption fee   A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
  • mortgage (mtg)   A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • mortgage assumption   Taking over the payment and responsibility for an existing property loan.
  • non-assumption clause   A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
  • porting   A portable mortgage allows you to transfer the terms and conditions from an existing property loan to a new property loan.
  • transfer of title (TOT)   A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.

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