Assumable Mortgages - Selling Real Estate FAQ
Prepared by ThinkGlink.com Staff
Q. Is my mortgage assumable?
A. Some mortgages are assumable—that is, they can be
assumed by someone else, who will then be responsible for making the monthly
payments of principal and interest—and some mortgages are not.
Strictly speaking, almost all mortgages have a due-on-sale clause, which means that the lender is entitled to call the loan and demand full repayment of the entire remaining balance when you sell your home or transfer title to your home to someone else. The balance of the loan is due on the sale (at the closing) of your home.
Return to Frequently Asked Questions about Selling Real Estate
Seller Closing Costs
Quit-Claim Deed Question
Deed in Lieu of Foreclosure Will Hurt Credit Rating
Do I need a real estate broker or agent to sell my home? What is FSBO?
Broker's Commission
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