Assumable mortgage

From Real Estate

An assumable mortgage is 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 is commonly a fee and/or a credit package involved in the transfer of an assumable mortgage.

This article is part of the Real Estate Wiki's glossary. To see the entire glossary, click here.
Quick Glossary: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z