what does assumable mortgage mean

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An assumable mortgage has some resemblance to a portable mortgage. If you sell your home and your mortgage is assumable, it can be transferred to the buyer; if it is portable, it can be transferred to a new property you buy. Portability is of no value if you decide to rent, go to a nursing home.

With an assumable mortgage, that’s precisely what you agree to: taking over and paying down the balance of the previous owner’s home loan, according to the original terms. In a rising-interest-rate environment, an assumable mortgage might seem like an attractive choice.

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Assumable definition, capable of being assumed, as an office or an obligation: Assumable mortgages are hard to find these days. See more.

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An "Active" status means that a home is currently available for sale. There are several types of active statuses, and their usage and definitions can vary by market.

Definition of assumable in the Definitions.net dictionary. Meaning of assumable. What does assumable mean? Information and translations of assumable in the most comprehensive dictionary definitions resource on the web.

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Assumable mortgages can save you a great deal of money during the buying process and beyond. What Are Assumable Mortgages? An assumable mortgage is a special type of financing that allows a buyer to "take over" the seller’s existing mortgage and all of the terms that come with it, such as.

Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. All mortgages are potentially assumable, though lenders may attempt to prevent assumption of a mortgage loan with a due-on-sale clause.

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