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  Assignment Definition
Assignment Assignment of a mortgage can mean one of two things. Assignment can be the transfer of a mortgage from a buyer to a seller, or it can be the transfer of a mortgage from one lender to another. If your mortgage is assumable, an assignment would allow the buyer of your home to take over your current payments and interest rate. A second definition of the term is if your current lender sells your mortgage to another lender, they would assign, or transfer, the mortgage to that lender.

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