what is an assumable mortgage

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An assumable mortgage allows a buyer to take over a seller’s home loan. Not all loans are assumable – typically just some FHA and VA loans are assumable. An assumable mortgage is one that a buyer of a home can take over from the seller – often with lender approval – usually with little to no change in terms, especially interest rate.

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When you buy a home and assume its mortgage from the seller, the home is transferred to your name and the mortgage is, as well. Literally, you assume the mortgage, its terms, and its obligations..

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An assumable mortgage is one in which the lender (the mortgage company) has included a provision or clause which stipulates that the mortgage may be assumed by a third party. Typically, this third party would be the person who is purchasing your home from you, the seller.

A mortgage that can be transfered with no change in terms. If an assumable mortgage is transferred, the buyer assumes all responsibility for repayment. The original lender must agree to the transfer of an assumable mortgage.

Do nothing and enjoy your lower interest rate on your mortgage. It’s no wonder so many brokers seem to default to the assumption that locking in your rate is a good idea. The fear of rising rates.

An assumable mortgage is a type of home financing that allows for a new owner to assume the existing mortgage when purchasing a piece of property. This type of transferable mortgage usually includes a specific clause that outlines the requirements that must be met in order for the mortgage transfer from the incumbent owner to the new owner to take place.

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a) Assume there are mortgage payments of $1000 per month for 30 years and an interest rate of 0.5% per month. What initial principal, or PW, will this repay? b) Assume there are annual mortgage.

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