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Mortgage assumption

Index Mortgage assumption

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]

16 relations: Adjustable-rate mortgage, Credit risk, Due-on-sale clause, Equity (finance), Federal Housing Administration, FHA insured loan, Mortgage Assumption Value, Mortgage law, Mortgage loan, Mortgage note, Property, United States Department of Agriculture, United States Department of Veterans Affairs, USDA home loan, VA loan, Veteran.

Adjustable-rate mortgage

A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

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Credit risk

A credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments.

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Due-on-sale clause

A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note.

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Equity (finance)

In accounting, equity (or owner's equity) is the difference between the value of the assets and the value of the liabilities of something owned.

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Federal Housing Administration

The Federal Housing Administration (FHA) is a United States government agency created in part by the National Housing Act of 1934.

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FHA insured loan

An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender.

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Mortgage Assumption Value

The mortgage assumption value (MAV) is the cash equivalent, at the current point in time, of all future savings that could be achieved by assuming an existing low-interest-rate home mortgage loan rather than taking out a new higher interest rate loan and accounting for the time value of money.

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Mortgage law

A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money.

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Mortgage loan

A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

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Mortgage note

In the United States, a mortgage note (also known as a real estate lien note, borrower's note) is a promissory note secured by a specified mortgage loan.

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Property

Property, in the abstract, is what belongs to or with something, whether as an attribute or as a component of said thing.

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United States Department of Agriculture

The United States Department of Agriculture (USDA), also known as the Agriculture Department, is the U.S. federal executive department responsible for developing and executing federal laws related to farming, forestry, and food.

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United States Department of Veterans Affairs

The United States Department of Veterans Affairs (VA) is a federal Cabinet-level agency that provides near-comprehensive healthcare services to eligible military veterans at VA medical centers and outpatient clinics located throughout the country; several non-healthcare benefits including disability compensation, vocational rehabilitation, education assistance, home loans, and life insurance; and provides burial and memorial benefits to eligible veterans and family members at 135 national cemeteries.

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USDA home loan

A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.

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VA loan

A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA).

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Veteran

A veteran (from Latin vetus, meaning "old") is a person who has had long service or experience in a particular occupation or field.

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Redirects here:

Assumed mortgage, Assumption of mortgage.

References

[1] https://en.wikipedia.org/wiki/Mortgage_assumption

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