Finance
A buyer assumes a seller's existing mortgage in Georgia. This means the buyer:
AGets a new loan to pay off the seller's mortgage
BTakes over the seller's existing loan obligation with the lender's approval✓ Correct
CSigns a note for the seller's equity only
DGets the seller's interest rate without needing lender approval
Explanation
When a buyer assumes an existing mortgage, they take over responsibility for the existing loan obligation. Many loans (especially FHA and VA) can be assumed with lender approval.
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