this is a mortgage loan that can be taken over or assumed by another person.

A mortgage that can be assumed, or taken over, by the buyer from the seller. Balance The outstanding amount due on a loan.

A mortgage that can be taken over (assumed) which allows a buyer to purchase the home without getting a new loan.

A mortgage that may be taken over or assumed by the buyer of a property if they qualify.

A mortgage or loan that can be transferred to the next owner of the property.

The buyer assumes liability for an existing loan held on a property by the seller. This is subject to approval by the lender.

A mortgage held on a property by a seller that can be taken over by the buyer. The buyer begins taking over the payments.

A mortgage which can be transferred from the seller to a qualified buyer when a home is sold.

A mortgage that can be "take over" by a qualified buyer. The person taking the mortgage over needs to be approved by the lender. The original homeowner is then removed from any further obligations. Assumable mortgages can be good selling features when the rate of mortgage is less than current rates.

A mortgage that a buyer can take over with the purchase of a property

a mortgage that can be transferred from a seller to a buyer; once the buyer assumes the loan, the seller is no longer responsible for repaying it

A buyer takes over the obligations and payments of the seller’s loan agreement. The seller may transfer, in writing, to the buyer all legal responsibilities for the mortgage. Most lenders require that the buyer be approved, prior to assuming the mortgage.

Buyer "takes over" or assumes the mortgage obligation of the seller (with concurrence of the lender). The interest rate doesn't change and is sometimes lower than current rates. Often the loan fees are less as well.

All ING DIRECT mortgages are assumable; this means a qualified buyer can "take over" your highly attractive ING DIRECT Mortgage Account when you sell your property - this can be a big selling feature.

A mortgage that can be transferred to a new owner. The new owner then assumes responsibility as the guarantor for the unpaid balance of the mortgage.

A mortgage where a home buyer can simply take over the existing mortgage payments on the home, and pay the seller the difference between the purchase price and the loan balance.

A Mortgage that allows a purchaser to assume or take over the responsibility and liabilities under the mortgage from a vender.

A mortgage that allows the rights and duties of the loan to be transferred to, or taken over by another party.

mortgage loan that can be transferred from a seller to a buyer when the property is sold. All assumable loans issued after 1989 are “qualified assumable” which means that the buyer has to go through the same loan approval process as an ordinary buyer.

A mortgage that permits the property owner to sell to a new owner who agrees to make the mortgage payments with no changes in the terms of the original loan.

A mortgage that can be transferred from a seller to a buyer. Upon approval of the loan and assumed by the buyer the seller is no longer responsible for the mortgage.

mortgage loan that may be taken over by another party when a home is sold.

A mortgage contract that allows a creditworthy buyer to assume (“taking over”) the mortgage contract of the seller. Many loans have a "due-on-sale" clause stipulating that the mortgage must be repaid upon sale of the property, making them non-assumable

A mortgage that may be taken over by another buyer without having the balance on the mortgage come due.

A mortgage that is transferred to the buyer who then becomes personally liable for the terms and conditions including payments.

A mortgage (on a home) that can be taken over by the buyer of the home.

A mortgage whose terms permit it to be taken over ("assumed") by a party other than the original borrower.

A mortgage with a specific provision, which allows the buyer to accept responsibility for repayment from the seller of a property.

In a purchase transaction, the buyer may assume the existing mortgage originally made to the seller against the subject property. Terms of assumption may require that the buyer qualify for the mortgage before the assumption can be granted.

Is a mortgage loan which can be assumed by a new buyer. Generally, the new owner must pass a credit approval process.

A mortgage which may be transferred from the seller to the purchaser of a property under conditions detailed in the contract. (see Mortgage)

A mortgage that can be assumed by a qualified buyer when a home is sold.

When a home is sold, a mortgage than can be taken over by the buyer at the same interest rate.

A mortgage that can be transferred from one borrower to another.

A mortgage that can be taken over ("assumed") by the buyer when a home is sold.

A mortgage which, by its terms, allows a new owner to take over its obligations.

A type of mortgage that allows a seller to transfer the terms of an existing mortgage to a buyer.

a loan that allows a homebuyer to take over a seller's mortgage when purchasing a home.

() The purchaser may assume or take over the responsibilities and obligations of the existing mortgage from the vendor.

"A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must ""qualify"" in order to assume the loan."

A mortgage that can be assumed by another without changing any conditions or interest rates of the original contract.

A mortgage which can be assumed by the buyer when a home is sold. Not commonly available in recent years.

A mortgage that can be transferred from the seller of a property to the buyer, when the property is sold. Typically, the buyer must "qualify" for the mortgage to be transferred (or "assumed").

A loan that lets the new buyer of a home take over the existing mortgage.

A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage payment.

A transferable home loan (from seller to buyer). There may be a fee with the transfer.

A mortgage that can be taken over with no change in terms for the remaining life of the loan. Most assumable loans now require qualification and release of liability. Most conventional loans are not assumable.

A mortgage that makes, allowances for a new owner to take over its obligations.

Some mortgages allow future buyers of your home to take over the remaining loan balance of your mortgage. If you need to sell your house but interest rates are high, having an assumable mortgage may be handy. You may be able to offer the buyer your assumable loan at a lower interest rate than the current going interest rate. Most assumables are adjustable-rate mortgages - fixed-rate, assumable mortgages are nearly extinct these days because lenders realize that they lose a great deal of money on these types of mortgages when interest rates skyrocket.

A mortgage which a qualified buyer can take over from the current owner of a property upon its sale. Assuming a mortgage can provide a buyer with a below market interest rate, (if rates are now higher), as well as saving on the legal costs of creating and registering a whole new mortgage. "Assumption" entails a simple amendment to the mortgage document registered on title (see "switch").

A mortgage loan that allows a new buyer to take over the financial obligation of the loan with no change in the terms of the loan. The lender must be notified and agree to the assumption; may require the new buyer to qualify for the loan; and may charge a fee for the assumption.

A mortgage that can be taken over by the next buyer of the home. The agreement between buyer and seller in which the buyer takes over the payments on an existing mortgage from the seller is called an assumption. Assuming a loan is usually beneficial to both seller and buyer. Because it is an existing mortgage debt, it lessens the costs and red tape involved, unlike a new mortgage where closing costs and new (possibly higher) interest rates may apply. However, the lender usually charges the buyer an assumption fee if the buyer assumes an existing mortgage.

A mortgage which can be transferred along with the property under obligation. The new owner of the property assumes responsibility for the payments, and is bound to the terms and obligations of the mortgage.

Purchaser takes ownership to real estate encumbered by an existing mortgage and assumes responsibility as the grantor for the unpaid balance of the mortgage.

A mortgage that a buyer can take over from the seller of a property.

A mortgage that can be "transferred" to a buyer from a seller when the home is sold. Especially important when interest rates have changed from the time the seller assumed the original mortgage to the time a buyer wants to take on the mortgage.

A mortgage that can be transferred from a seller to a creditworthy buyer. The buyer "assumes" all outstanding payments. Advantageous if the rate on the existing loan is below the current market rate.

A mortgage that can be taken over or "assumed" by the buyer when the house is sold. Often the seller is still the guarantor of the liability.

A mortgage that can be transferred to another borrower.

A financing instrument whose terms are transferable to a party wishing to purchase the property holding the assumable mortgage.

An existing mortgage that can be taken over by the buyer on the same terms given to the original borrower.

a buyer takes over the existing mortgage as oppose to obtaining a new loan; this is done if the buyer is able to save money by not having to pay closing costs, etc.

A mortgage that provides for a buyer to "assume" all outstanding payments when a home is sold. The buyer usually must meet qualification standards to assume a loan.

mortgage that a buyer can assume, or take over, from the seller of the property. Back

A mortgage loan that can be taken over ("assumed") by a buyer when the property is sold.

A mortgage that can be assumed by the buyer when a home is sold. Most of the time, the borrower must qualify before being allowed to assume the mortgage.

A mortgage that lets you transfer your mortgage and its terms to the purchaser of your home. This can be an advantage if and when you sell.

A loan that does not have to be paid in full if the home is sold. Instead, the new owner can take over payments on the existing loan and pay the seller the difference between the sales price and the balance on the loan.

A mortgage loan which allows a new home buyer to take over the obligation of making loan payments with no change in the terms of the loan. Assumable loans do not have a due-on-sale clause. The lender has to be notified and agree to the assumption. The lender may require the buyer to qualify for the loan and may charge an assumption fee. The seller should obtain a written release from the lender stating clearly that he/she is no longer liable to make mortgage payments.

Some mortgage loans allow for an existing mortgage to be transferred to the new owner of a property. The buyer assumes the debt and takes over the payment on the mortgage. The new buyer must qualify and meet the criteria set forth by the lender in order to assume the lien. When the loan is assumed (when the property is transferred), the seller is paid the difference between the sales price and balance on the loan.

A mortgage that allows a new owner to take over the previous owners obligations.

A type of mortgage that is set up so that the buyer can take over the seller's payments.

An existing mortgage that can be taken over or "assumed" by the buyer from the seller when a property is sold.

If there is a house that is sold with an assumable mortgage, that means the buyer gets the house and takes over the terms of the loan. The buyer can assume the terms without being qualified or the loan can be a Qualifying Assumable Loan--while the buyer may take over the terms of the mortgage, they must be qualified as if they were applying for a brand new loan.

An assumable mortgage is a mortgage that allows you to take over a mortgage on a home you are buying or allows a buyer to take over your mortgage if you are selling your house. The advantage of this is that you assume a mortgage that has a lower interest rate than current rates, and you avoid high closing costs.

a mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage.

agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money since this is an existing mortgage debt.

A home loan that can be transferred to another borrower.

Mortgage which can be transferred to another qualified borrower upon the sale, to that borrower, of the home on which the mortgage exists.