Taking over an existing mortgage: who can, how, and what it takes
How long an assumption takes
Desk answer
Assumptions are handled by the servicer, not by a new lender, and timelines vary widely. The servicer must review the buyer's credit and income, process the paperwork and coordinate with the closing agent. Ask the servicer for its typical timeline before setting a closing date in the contract.
Last reviewed against the primary sources listed below.
Speed it up
- Contact the servicer early.
- Submit a complete buyer package.
- Line up equity-gap funding in advance.
Assumption questions
Who processes a mortgage assumption?
The current loan's servicer.
Can an assumption delay closing?
Yes, so ask for the servicer's timeline before setting dates.