Mortgage Glossary

Assumption
The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money since this is an existing mortgage debt.

Mortgage Glossary - A
1 year adjustable (ARM) 10 year adjustable (ARM) 2 year adjustable (ARM) 3 year adjustable (ARM) 5 year adjustable (ARM) 7 year adjustable (ARM) Abstract (of Title) Acceleration Clause Adjustable Rate Mortgage (ARM)	Adjustment Interval Affiliate Affordable Gold 5 Affordable Gold 97 Affordable Product Type Affordable Seconds Agreement of Sale Amortization Annual Percentage Rate (APR)	Appraisal Appraisal Fee Appraiser network Assessment Report Assessment Upgrade Asset Assumable Mortgage Assumption Automated Underwriting