Assumption

Assumption

Assumption is an agreement between the buyer and seller where a buyer assumes a seller's mortgage and takes over the payments on the exisiting mortgage. This is a big saving for a buyer as it does not entail the clsoing costs and high interest rates of a new mortgage. It is not very popular anymore and the Buyer should be wary.

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Loan Type Today
30 Year Fixed   6.05
15 Year Fixed   5.73
5/1 Adjustable   5.78

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