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Assumption Fee

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Assumption Fee
A fee that the buyer of a property with an assumable mortgage pays to the lender for the ability to take over the mortgage.


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25% both with seven years left on the original ten year term with a 1% assumption fee.
These will include the loan origination fee, application fee, assumption fee, appraisal fee, house inspection, and credit report or credit history check.
Additionally, the buyer is often responsible for paying an assumption fee, credit report fee, processing fee, and closing fee.
 
 
 
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