What is a mortgage assumption?
A mortgage assumption means taking over an existing mortgage instead of refinancing. Common scenarios include divorce, property sale and inheritance. This option can help you keep the existing interest rate and avoid the costs of refinancing.
How does it work?
We’ve broken the process down into 6 simple steps so you know exactly what to expect.
1. Submit your assumption request
Complete and submit the assumption request form that applies to your specific reason for assuming the loan.
- Separation, Divorce or Remove Borrower
- Inheritance - Death
- Purchase
2. We review your request
Within 15 calendar days of receiving your request, we’ll send one of the following:
- Your application package
- A request for additional documents
- A letter explaining the loan is not assumable
3. Complete and return the application package
Fill out the application and provide all required documents so we can continue processing your request.
4. Underwriting review and decision
We'll send you one of the following based on the underwriter's decision:
- Approved: Next steps and instructions
- Conditionally Approved or Incomplete: A letter outlining missing items
- Denied: A denial notice
5. Approval and agreement signing
If approved, you'll receive a closing package. Review, sign and return all documents by the date shown on your cover letter.
6. Finalization and recording
Once we receive your signed documents, the loan transfer takes about 30 days. When complete, you'll receive:
- A welcome letter
- Your first billing statement
We'll send the necessary documents to the county for recording.
Thinking About Assuming a Mortgage? We Make It Simple.
If you're ready to begin the assumption process, select the link below based on the reason for the assumption to complete your request.
Separation, Divorce or Remove Borrower
If your reason for assuming the loan is due to a separation, divorce or a borrower would like to be removed from the loan, please complete the request form below.
Inheritance-Death
If you've inherited the home due to the death of a borrower and would like to assume the loan, please complete the request form below.
Purchase
If you'd like to purchase the home from an existing coborrower or the home will be purchased by a 3rd party, please complete the request form below.
Mortgage Assumptions FAQs
The loan assumption application process can take up to 90 days for a lending decision to be issued once we have a complete application. It can then take up to an additional 60 days for the final steps to be completed and the loan to fully display in the assuming applicant's name.
The timeframe varies depending on when the requested information is received and if additional information is needed to complete your request.
Assumptions are processed in the order received so we're unable to expedite a request.
To submit your assumption request form see the options below:
Email: Assumptions@citizensbank.com
Fax: 888-999-4152
Mail:
Citizens
Attn: Special Loans - VAM445
P.O. Box 3410
Glen Allen, VA 23058
Overnight Mail:
Citizens
Attn: Special Loans - VAM445
10561 Telegraph Road
Glen Allen, VA 23059
You may be eligible if it's determined the loan can be assumed. Please complete the applicable assumption request form and return for our review.
The fees will vary, but may include a credit report, processing and VA funding fee. All fee information is detailed in the application package we send after receiving your written request.
Yes, there are fewer fees associated with an assumption.
If your reason for an assumption requires sufficient credit to qualify, we'll need to order a credit report.
The assuming party will take over the current loan terms, including the interest rate and any scheduled rate adjustments.
Our loan officers are here to help. Call us today at 855-310-3503 to review your account, discuss refinancing opportunities or learn about other ways we can support your home ownership goals.
The address below must be used to notify us of a possible error, request information, dispute credit reporting or opt out of bankruptcy statements, and can be used to file a complaint.
Citizens
Attn: Customer Service
P.O. Box 6260
Glen Allen, VA 23058-6260
Need help?
Call us Monday-Friday 8am to 8pm ET at 800-234-6002
Trouble Making Payments
We are here to help. We have several options available to assist you if you are having difficulty making your payments.
© Citizens Financial Group, Inc. All rights reserved. Citizens Bank, N.A. Member FDIC
Mortgages are offered and originated by Citizens Bank, N.A. (NMLS ID# 433960). All loans are subject to approval. Offers may be withdrawn without notice. 
Equal Housing Lender.