Terms that are on use on this site.
There are 59 entries in this glossary.| Term | Definition |
|---|---|
| Assumable Mortgage |
The A mortgage which a qualified buyer can take over from the current owner of a property upon its sale. Assuming a mortgage can provide a buyer with a below market interest rate, (if rates are now higher), as well as saving on the legal costs of creating and registering a whole new mortgage. \"Assumption\" entails a simple amendment to the mortgage document registered on title (see \"switch\"). |
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