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How does a “due on sale” clause affect mortgage assumption?

How does a “due on sale” clause affect mortgage assumption?

A mortgage transfer is defined as a transaction in which the borrower, or lender, assigns an existing mortgage to another person or entity. If a mortgage can be transferred, it is referred to as “assumable”.

Assumable mortgages fade in and out of popularity depending on the current interest rates. During periods of high mortgage rates, an assumption of an older mortgage with more favorable rates can be tremendously beneficial for the homebuyer. Not only will it save thousands of dollars interest charges, but a buyer who assumes a home mortgage can avoid the closing costs associated with securing a new mortgage loan.

What is mortgage assumption?

Essentially, mortgage assumption is when a buyer assumes the mortgage payments and responsibilities of the existing mortgage held by the seller.

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