Anyone heard about assumable mortgage?
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dody
Apprentice
Joined: 06 Nov 2005
Posts: 2
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 Posted: 05/25/08 - 08:41 Post subject: |
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| I have been reading up about different types of mortgages, as I am planning on buying a house very soon. During my research I saw that there is such a thing as an assumable mortgage. Has anyone here heard of such a mortgage, and would you be able to explain to me what this means? |
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deck
Apprentice
Joined: 26 Jun 2005
Posts: 3
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| Posted: 06/23/08 - 21:47 Post subject: |
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| This is a relatively new type of mortgage, which does not occur very frequently as of yet. The reason for this is that an assumable mortgage is actually something quite unorthodox - it is when a new buyer takes over the mortgage of the old owner, with bank approval! This is not something I would personally consider. |
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