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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Assumption

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Assumption

When selling a property, it is possible to transfer the existing loan to the new owner. This is known as an assumption and almost invariably requires the lender to agree to the transfer; otherwise, the original owner will remain liable for the full amount of the mortgage, even if the new owner pays the monthly charge.

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