If I did a mortgage assumption - does this constitute as refinancing or as the original loan used to by the home?

Forum|Forum|5 years ago
October 18, 2020
2 replies
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This is in reference to:
"Is this loan a home equity line of credit or a loan you've ever refinanced?"

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Best answer by Critter-3

Think about this logically .... if you assumed someone else's mortgage when YOU BOUGHT the property then to YOU this is an original loan used to by the home.

Critter-3Answer

Level 15

Think about this logically .... if you assumed someone else's mortgage when YOU BOUGHT the property then to YOU this is an original loan used to by the home.

Carl

Level 11

If I did a mortgage assumption does this constitute as refinancing or as the original loan used to buy the home?

For *YOU* it is the original loan. Your beginning balance on the loan is whatever the balance due was, on the date you became legally obligated to pay it.