what does assumable loan mean

assumable loan A loan that can be taken over by a purchaser, who may then continue making payments in the same amount,at the same interest rate,for the remaining term of the loan.

There was a time in the past that mortgages were assumable, and if house prices. Didn’t we just recover from a mortgage/housing bubble that almost destroyed our economy completely? Does this mean.

An assumable mortgage allows a buyer to take over a seller's home loan. Not all loans. This means savings for the buyer, but can also be valuable to a seller.

In some cases, a VA loan may be assumable, that is the buyer can take over the VA loan regardless of whether they are civilian or military. At one time, all homes purchased with a VA loan were considered assumable, but since then the rules have changed. Lenders and/or the VA need to approve a loan assumption.

Switching gears, when you talk about the quarter, and I totally get what you’re talking about, about some of the lumpiness, and I think we calculated the last 4 quarters have been — if we average, I.

An assumable mortgage is a type of financing arrangement in which an outstanding mortgage and its terms can be transferred from the current owner to a buyer.

Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. All mortgages are potentially assumable, though lenders may attempt to. If a VA Loan is being assumed by a veteran with a home loan eligibility, the.

An assumable mortgage could be a smart choice if you're buying a home during a. A lot of equity means the buyer must come up with a hefty down. For the seller, the primary advantage of an assumable loan is that it can.

Does that mean you’ll sell it overnight. But it also means that your mortgage must be assumable by someone else. You’ll need to read your mortgage docs to figure this out. But if it is assumable,

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