Bill
HB 1018
Maryland requires mortgage lenders to provide clear disclosures and timely responses when borrowers request to assume existing home loans, improving transparency and consumer access to potentially lower rates.
HB 1018 modifies Maryland law governing conventional home mortgage loan assumptions by requiring lenders to provide specific disclosures to borrowers who wish to assume an existing mortgage from a seller. The bill establishes clear procedural requirements and timing standards for lenders to respond to assumption requests and communicate terms to potential assumers.
Mortgage assumptions allow buyers to take over an existing loan rather than refinancing, potentially securing better interest rates and reducing closing costs. This bill protects consumers by ensuring transparency about assumption eligibility, terms, and costs—information that was previously inconsistently disclosed. For buyers in a higher-interest-rate environment, assumption opportunities could represent significant financial savings.
Compiled from official sources — confirm details with the bill’s official record.
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