A legal document that requires a person buying a home to assume responsibility for the mortgage of the home builder or previous owner is known as an assumable mortgage. This allows the new buyer to take over the existing loan under the same terms, potentially benefiting from lower interest rates and avoiding new loan origination fees.

*The information provided is for educational purposes only and should not be considered legal advice. For specific legal concerns or questions related to your mortgage, it is always best to consult with a qualified legal professional.*

Mortgage Education

  • Total Debt Service Ratio (TDS)

    The percentage of gross income allocated for payments of principal, interest, taxes, and heat (P.I.T.H.), along with other debt obligations, [...]

  • Title Insurance

    Title insurance protects property owners and lenders from financial loss due to defects in the title of real property. These [...]

  • How To Get a Mortgage

    Getting a mortgage is a significant step toward homeownership. However, the process can seem complex and overwhelming. This guide will [...]

  • Discharging a Mortgage

    Understanding Mortgage Payment Deferrals in Canada In times of financial hardship, homeowners may find it challenging to keep up with [...]

  • Understanding Mortgage Interest in Canada

    Navigating the world of mortgages can be complex, especially when it comes to understanding how interest rates impact your home [...]