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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Assumption Fee

Function: noun

Definition 1:
The assumption fee is a fee paid to a lender resulting from the assumption of an existing mortgage. The fee is generally paid by the purchaser. Since all loans have a variety of fees, it might be very favorable to the new buyer to pay an assumption fee rather than a host of other fees involved in a new mortgage.