What does assumption mean? Redford real estate termsWhat does assumption mean? Redford real estate terms. Assumption is 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, unlike a new mortgage where the closing cost and new, probably higher, market rate interest charges will apply. 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 Redford Real Estate terms, or if you are interested in buying a Redford home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com Michigan Lake Info:
http://www.detroitmichiganrealestatehomes.com/005895 Posted on Jan 16, 2011 @ 11:00 am by russ.ravary - View Profile
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