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Assumable Mortgage

Assumable Mortgage

An assumable mortgage is a mortgage loan where the purchaser of a home is allowed to take over the sellers current mortgage, with no change in the terms and payment schedule of the loan. Because the holder of an assumable mortgage may transfer that mortgage to another party in the sale of the home, it can make selling the home easier. Lenders will allow a mortgage to be assumed only if the property value is greater than the size of the remaining principal balance on the mortgage. The buyer who wishes to assume the mortgage must meet the lender's credit and income requirements.


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