Assume a Mortgage

A mortgage is simply a debt contract. In legal terms, this means the specific clauses of the contract are negotiable. In truth, most lenders are going to set the clauses, but that doesn’t mean there isn’t some room to move. In some cases, it is possible to assume a mortgage. This can often occur with an adjustable rate mortgage, but you might have to qualify for the mortgage as though you were originally applying for it. Most fixed mortgages are not assumable, but it never hurts to read the fine point of the seller’s mortgage.