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KEY PROVISIONS OF THE MORTGAGE

Q. What is an assumable mortgage?
A. An assumable mortgage allows you to transfer your existing mortgage debt to the buyer of your home. The new owner would "assume" (take over) your mortgage and pay you the difference between the amount you still owe and the agreed-upon sale price. Most lenders no longer allow buyers to assume mortgages. They generally insist on a "due-on-sale" clause under which the buyer must get a new mortgage. Some assumable mortgages remain on the market, however. If the interest rate is attractive, you should explore these. Some lenders will allow a mortgage to be assumed by charging a fee or adjusting the interest rate on the assumed mortgage.
Prior to assuming a mortgage, a prospective homebuyer should obtain a written statement
from the original lender stating:
• the amount still owed on the loan;
• the rate of interest for the remainder of the loan;
• the length of the repayment period remaining; and
• when the lender has the right to call in the loan (order payment of the entire amount) or change any of the existing terms.
Before the loan can be assumed, the lender may require the buyer to go through the lender's
normal loan-application process so that the lender is sure the buyer is credit-worthy. The particular form of loan-assumption agreement will vary depending upon your location.

Q. What is a due-on-sale clause?
A. Most but not all due-on-sale clause which requires that the seller pay his or her loan in its
entirety at the time the sale is closed. This means that the buyer cannot assume the seller's
mortgage. Federal law has replaced state law in this area and due-on-sale clauses are enforceable.

Q. What is a late-payment charge?
A. Most home loans include a late-payment charge. The lender charges it to the borrower if the
monthly mortgage payment is late. These charges can be very expensive. You'll want to make sure you know when your loan payment is due and allow enough time for it to arrive by the due date if you are mailing your payment

Q. What is a prepayment penalty?
A. Although illegal in some states, where permitted, home loans include a prepayment penalty.
This is a charge imposed if the borrower pays off the loan ahead of schedule. This penalty is
usually one or two percent of the loan. It is not unusual for home loans to include a prepayment
penalty for the first few years; however, you should avoid mortgages that require a prepayment
penalty beyond the third year.

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