A loan that can be assumed or taken over by the buyer when property is sold.
An existing mortgage that can be taken over by the buyer -- usually on the same terms given to the original buyer.
A mortgage which the buyer can assume (take over) from the property seller. The terms of the loan and the payments will remain the same. The buyer may have to qualify with the lender.
A mortgage loan that lets a purchaser of a home assume the obligation of the mortgage already on that house, without any changes to the loan terms. This is possible for loans that do not have a due-on-sale clause, and FHA and VA mortgages (see Glossary for these terms).
A loan in which the lender transfers from the previous owner of the home to the new owner, sometimes at the same interest rate, sometimes at a new rate. An assumable loan can make your home more attractive to buyers when you want to sell. No Terms Listed
A type of mortgage that allows the buyer to take over the responsibility of the mortgage on the encumbered real estate.
The buyer takes over the seller's original, usually below-market-rate mortgage. Fixed-rate loans generally are not assumable, while most adjustable-rate packages are.
(or Assumable Mortgage): An assumable loan is one in which the buyer can take over the existing loan with the original borrower's terms, often without going through the approval process required for an original loan.
A loan that can be taken over (assumed) by a new owner when a home is sold.
This is a loan that may be transferred from the seller of a property to the buyer of a property. By taking over or assuming the loan, the buyer is then responsible for all outstanding payments.
A loan that can be transferred to a new owner when a property is sold.
A home loan that allows a new purchaser of the home to take over ("assume") the loan obligations of the seller when a home is sold.
A mortgage loan which allows responsibility for repayment to be taken over by a new party when the property is sold.
Described as a loan (for example, FHA/VA loans) that can be assumed by a subsequent buyer for a minimal assumption fee. This type of loan, which does not include conventional loans), saves thousands of dollars in closing costs and loan origination fees.
A loan that can be picked up by a subsequent buyer for a small assumption fee. It saves thousands of dollars in closing costs and loan organization fees. FHA/VA loans are assumable. Most conventional loans are not.
A loan secured by a mortgage or deed of trust containing no "due on sale" provision. Most pre-1989 FHA loans and pre-1988 VA loans are assumable without qualification. Some newer loans may be assumed with the express permission of the note holder.
An existing loan on a property that the seller is able to pass on to the borrower. Interest rates on assumable loans are often lower than the going rate, making them an attractive feature of a deal.
Usually for a small assumption fee, a new buyer can take over or assume the loan of the previous homeowner, saving closing cost and loan origination fees. Some are non-qualifying most are through qualification.
one transferable from seller to buyer. May require larger down payment, but interest rate could be lower.
These loans may be passed on from a seller of a home to the buyer. The buyer "assumes" all outstanding payments.
A mortgage loan that, by its terms, permits its obligations to be taken over (assumed) by a new owner of the real property who is not the original borrower.
A mortgage which can be transferred to another buyer. The lender must approve the assumption of the new buyer, who assumes responsibility for the debt. This generally saves substantial costs of closing a new loan. Assumable mortgage loan that can be transferred to another party. The transferee assumes the debt, but the original borrower is not released from the debt without a legal transfer of debt.