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what does assumable mortgage mean

What is an assumable mortgage? True to its name, it’s a type of home loan where the buyer takes over the seller’s mortgage, rather than applying for a new loan.. that doesn’t mean it always.

An assumable mortgage is an existing mortgage loan that can be taken over by a new borrower.

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.

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Assumable Mortgage Definition – Mortgage Super Brokers – mortgage (mtg) A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.

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For the buyer, the assumable mortgage may not cover the full cost of the home. If this is the case, the buyer will likely have to pay the difference. ? That may mean a large down payment, or having to find additional financing (a second mortgage) to pay the difference between the assumable mortgage balance and the price of the home.

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An assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller’s existing mortgage rather than obtain a brand-new mortgage, according to James Hines, a spokesman at Wells Fargo Home Mortgage in Des Moines, Iowa.

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When a loan is assumable, it means that it can be taken by another. An assumable mortgage let buyers assume the entire mortgage as it is.

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