What does assumability mean? Plymouth real estate termsWhat does assumability mean? Plymouth real estate terms. Assumability is when an assumable mortgage can be transferred from the seller to the new buyer. Generally requires a credit review of the new borrower and lenders may charge a fee for the assumption. If a mortgage contains a due on sale clause, it may not be assumed by a new buyer. The only homes now that you can assume a mortgage on are HUD mortgages. Even then, the new buyer must be approved by the old mortgage lender. For more information on Plymouth Real Estate terms, or if you are interested in buying a Plymouth home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com Michigan Lake Info:
http://www.detroitmichiganrealestatehomes.com/005894 Posted on Jan 15, 2012 @ 7:20 am by russ.ravary - View Profile
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