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Loanfactz Definitions

Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.

All of A

Assumable Mortgage

An assumable mortgage is a * mortgage that can be transferred from a seller to a buyer where the buyer takes over the payments on an existing mortgage from the seller. Once the loan is assumed by the buyer the seller is no longer responsible for repaying it. There may be a fee and/or a credit package involved in the transfer of an assumable mortgage. An assumable mortgage usually has a lower interest rate than current rates, and you avoid high closing costs.

Glossary For This Page
(In Alphabetical Order)

* Default
Failure to perform a legal obligation; a default includes failure to make the payments on a financial obligation, but may also be a failure to perform some action or service that is non monetary (not relating to money).

* Lien
A claim or charge on property for payment of some debt. With respect to a mortgage, it is the right of the lender to take the title to your property if you do not make the payments due on the mortgage.

* Mortgage
A mortgage is a legal document you sign to show that you have granted the lender a * lien on your property as security for repayment of a loan, giving the lender the right to take your property if you * default on the terms of the loan. Some states call it a deed of trust instead of a mortgage.

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