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To assume a mortgage, start by contacting the lender to make sure the mortgage is assumable, since many lenders prohibit buyers from taking over an existing mortgage. If the mortgage is assumable, you’ll have to complete an application with information such as your income and the value of your assets. You’ll also need to include a real estate agent agreement and paperwork with a title company. After submitting your application packet, prepare to wait for an answer from a senior loan processor, who may call you with follow-up questions. For more advice, including how to determine if you need to make a down payment to assume a mortgage, keep reading!
StepsPart
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1 Learn whether you are permitted to assume the loan. Certain types of government-backed loans are much easier to assume than conventional loans. In most cases
if the buyer has the potential to add a large down payment to the current loan
the lender may be more likely to allow the assumption of the loan. - Always talk with the lender
and a lawyer to ensure you can assume the loan.