What is one type of mortgage transfer?

A key type of mortgage transfer is an assumption, which occurs when a buyer takes over the seller's existing mortgage and its obligations. This process allows the buyer to benefit from the current loan's interest rate and terms, which might be advantageous, particularly in a market with rising interest rates. By assuming the mortgage, the buyer effectively steps into the seller's shoes and becomes responsible for the remaining loan balance.

The ability to assume a mortgage usually depends on the terms of the mortgage agreement and whether the lender allows it. In many cases, this type of transfer might require the lender's approval to ensure the buyer has the financial means to manage the mortgage payments moving forward.

The other options present variations or concepts in mortgage types but do not specifically denote a type of mortgage transfer like assumption does. Hence, assuming a mortgage stands out as a notable form of transferring mortgage responsibility between parties.