9).

9).

Loan assumption purchase the seller’s home. The buyer takes over the remaining balance owed on the seller’s mortgage, on the original loan terms—for example, the interest rate and the remaining length amount the buyer needs to pay, either out of pocket or by taking out their own mortgage loan. To take over the mortgage, the homebuyer needs to qualify for the loan assumption. Qualifying is usually based on a review of the buyer’s credit and income, similar to qualifying for a new