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Clear Form ASSUMPTION OF EXISTING MORTGAGE ADDENDUM COPYRIGHTED BY AND SUGGESTED FOR USE BY THE MEMBERS OF THE NORTHEAST FLORIDA ASSOCIATION OF REALTORS, INC. REALTOR This Addendum is made by the

How to fill out assumption of existing mortgage

How to fill out assumption of existing mortgage:

1. Contact the mortgage lender: Begin by reaching out to the mortgage lender to inquire about their assumption process. They will provide you with the necessary forms and documents required for the assumption of the existing mortgage.
2. Review the mortgage terms: Carefully examine the terms and conditions of the existing mortgage. Understand the interest rate, loan term, payment schedule, and any other relevant details that will be transferred to you as the new borrower.
3. Gather required documents: Collect all the necessary documents to complete the assumption process. This typically includes financial statements, tax returns, bank statements, employment verification, and any other documents required by the lender.
4. Fill out the assumption application: Complete the assumption application form provided by the mortgage lender. Ensure that all information entered is accurate and consistent with the supporting documents.
5. Provide additional documentation: Along with the assumption application, you may be required to submit additional documentation such as identification proof, proof of income, credit history, and a statement of purpose explaining why you are assuming the mortgage.
6. Pay the assumption fees: There may be fees associated with assuming an existing mortgage, such as an assumption fee, appraisal fee, or credit check fee. Make sure to pay these fees as instructed by the lender.
7. Wait for approval: Once you have submitted all the required documents and paid the necessary fees, you will need to wait for the lender to review and approve your assumption application. This process may take a few weeks, so be patient and responsive to any additional requests from the lender.

Who needs assumption of existing mortgage?

1. Homebuyers: Assumption of an existing mortgage can be beneficial for homebuyers who find a property they wish to purchase but want to take over the seller's mortgage instead of applying for a new loan. It can save time and potentially offer more favorable loan terms.
2. Sellers: When selling a property, the seller may need someone to assume their existing mortgage to transfer the responsibility of loan payments to the buyer. This can be beneficial for the seller in situations where the current loan has favorable terms or the property is difficult to sell in a competitive market.
3. Investors: Real estate investors who acquire properties with existing mortgages can assume the loan to avoid the need for additional financing, streamline the purchase process, and take advantage of existing loan terms.

It's important to note that the assumption of an existing mortgage is subject to the approval of the lender. The borrower assuming the mortgage must meet the lender's eligibility criteria, which typically involves demonstrating financial stability and creditworthiness.

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