Explain Assumption of Mortgage?

Personal Finance
13th Edition
ISBN:9781337669214
Author:GARMAN
Publisher:GARMAN
Chapter9: Obtaining Affordable Housing
Section9.2: What Does It Cost To Buy A Home?
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Explain Assumption of Mortgage?

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Introduction

An individual can obtain loan by mortgaging its property to the lender. The property is said to be mortgaged property and is not considered as a freehold. The ownership belongs to the lender of loan until the loan is fully settled. 

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