Father died, I am on the deed but not on the mortgage. Loan has never had a late payment. Must the bank let me assume the loan? If

Not all loans are assumable, typically conventional is not. So you would have to check the loan docs to verify. Otherwise you would be doing a standard refinance with those related costs. Consult with your local mortgage banker who should be able to advise you.

I see as for the costs, you would have to speak to your lender as costs vary from lender to lender. In your situation I would not be able to estimate what fees would be applicable. You lender would be the best source for the fees and costs if any. You could just keep making the payments as you have....

YES.. it's the law.. in fact, even if you were not on the deed, they would still have to allow you to assume it so long as you were the heir to the estate. The " Garn-St. Germain Depository Institutions Act" of 1982 specifically prohibits lenders from forcing a sale because of the death of the borrower.. and they must allow the heirs to continue making payments.. additionally, The CFPB recently issued an interpretive rule that helps an heir take over a deceased borrower's mortgage after inheriting a home. Specifically, after the original borrower dies, the person who inherits the home may be added to the mortgage as a borrower without triggering the Ability-to-Repay rule... As far as closing costs.. there isn't any since you are not taking out a new mortgage.. however, if you are assuming the existing mortgage, then the lender might charge you a transfer fee, probably not more than $300-$400.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347