Assumption Fee


Definition of "Assumption fee"

Ina Kazarian, ABR,CMRS
  Coldwell Banker D

Charge assessed a mortgagor by the mortgagee when assuming a pre-existing mortgage. The assumption fee is often included in the closing costs when purchasing property.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Mortgage Equations

Equations used to derive common measures used in the mortgage market, such as monthly payment, bal ...

Dollar Cost Averaging

Strategy of regularly investing a fixed amount of dollars into a variable dollar annuity over a subs ...

Asset Adequacy Tested Reserve

Required reserve to satisfy all life insurance policy obligations and expenses according to the appo ...

Wrap-Around Mortgage

A mortgage loan transaction in which the lender assumes responsibility for an existing mortgage. ...

Nonconcurrent Apportionment Rules

Standards used to determine claims payments in cases of overlapping property/liability insurance cov ...

Financial Structure

Same as term Annual Statement: report that an insurance company must file annually with the State In ...

Related Real Estate FAQ

What Is An Annuity?

An annuity is a long-term, interest-paying contract offered through an insurance company or financia ...

Why Do People Refinance?

People finance to obtain a new loan in order to pay off the existing mortgage or to gain access to t ...

What Is A Lifetime Rate Cap?

A lifetime rate cap is an adjustable-rate mortgage (ARM), this cap limits the amount the interest ra ...

What Do I Need To Know About Pet Insurance?

If you own a pet, i\'m sure you\'ve been in a situation where the vet bills have been much higher th ...

What Is A Convertible ARM?

A convertible ARM is an adjustable- rate mortgage (ARM) that can be converted into a fixed rate mort ...

What Is A VA Loan?

A VA loan is a type of loan available to veterans and guaranteed by the Department of Veterans\' Aff ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

5 U.S. Cities with the Best Public Transportation How to become a real estate agent Top Five Reasons Your Home Offer was Rejected 7 Tips for a First Time Homebuyer How To Choose A Realtor

FAQ

What are jumbo mortgages? What is a basic policy? What do I need to know about Condominium Insurance? What is an annuity? What is an agent?