Posted on: 15th Aug, 2013 11:09 pm
While assuming the mortgage, will I have to go through the whole application process?
Yes, you will have to go through the whole application process when you apply for a mortgage assumption. The lender will check your financial and credit situation before allowing you to assume the loan.
Hi Keiera,
Niicss is right in saying so. Assuming a mortgage is not easy. You will have to qualify for it as you need to qualify for a new mortgage. Unless you meet all the required criteria of the lender, you may not be able to get the loan.
Niicss is right in saying so. Assuming a mortgage is not easy. You will have to qualify for it as you need to qualify for a new mortgage. Unless you meet all the required criteria of the lender, you may not be able to get the loan.