A mortgage is a loan that is used to purchase property. The property serves as collateral for the loan, and the borrower makes monthly payments toward the loan balance. In some cases, the borrower may have the option to Assume the mortgage. This means that the borrower transfers the responsibility for making payments to another party. In order to assume a mortgage, the new party must generally qualify for the loan according to the lender‘s standards. If the assumption is approved, the new party will be legally obligated to make payments on the loan. Mortgages are generally assumable, but there may be some restrictions in place. For example, some lenders require that a fee be paid in order to assume the mortgage. In addition, assumable mortgages may be subject to pre-payment penalties. As a result, it is important to carefully review the terms of a mortgage before deciding to assume it.
Have you ever found yourself in a situation where you need some extra cash to cover unexpected expenses? Do you have bills piling up and