What is the process in assuming or transferring a home loan?
The assumption process is similar to most lending companies. The individual wishing to take over the home loan submits a credit application to the lending company. Then that lending company will make a decision on the credit-worthiness of the applicant. If the credit application is approved, home loan transfer documents are prepared and signed by the original mortgagor and assuming party. The transfer is complete when the signed documents are returned to the lending company and processed. There are variations in the fees and details for each lending company. Please consult with the lending company involved to understand their processes and fees. HomeAssume.com representatives are standing by to help you with these details as you are assisted through the home assumption process.
