think back to the last time you made an assumption. let’s dive into the ins and outs of a mortgage assumption agreement. basically, the agreement shifts the financial responsibility of the loan to a different borrower. as long as you understand that you’ll be on the hook for someone else’s debt, a mortgage assumption agreement could be a viable option. if rates are unfavorable for buyers and the current homeowner has a significantly better rate, then it makes sense to explore a mortgage assumption. you’ll be asked to provide extensive documentation, much like you would when securing financing the traditional way. do yourself a favor and get the necessary criteria organized in advance. say one of your family members plans to move into a larger house in the near future.