An assumable mortgage is a type of home loan that can be transferred from the current homeowner to a new buyer. It allows the buyer to take over the existing mortgage terms and payments, without needing to apply for a new loan. Full definition
With the exception of assumable mortgages, such as some Federal Housing Administration and Veterans Affairs loans, you can't sell a home and transfer the existing mortgage to the buyer. (sapling.com)
A seasoned real estate pro with 25 years in the business, Squires remembers the days in the mid»80s when people purchased homes because they had a good assumable mortgage rate of — get this — 14 per cent. (remonline.com)
When the current market rate for mortgages is six percent, a home that comes with a four percent assumable mortgage is significantly more valuable than one without such financing. (themortgagereports.com)