what does assumable loan mean

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This is signified by wording that gives the lender the right to call (terminate) the loan and demand full payment if the ownership of the house changes. For loans that are assumable it is usually easy to add the other person’s name but difficult to get your name off. Assuming a loan by itself means that the previous person’s name stays on it.

Assumable definition, capable of being assumed, as an office or an obligation: Assumable mortgages are hard to find these days. See more.

What does it mean to have an assumable loan? Basically an assumable loan allows the new buyer to "assume" the responsibility of the seller’s loan obligation. The benefit would be that the new buyer can take advantage of the seller’s interest rate and remaining loan term, without having to "re-start" the process.

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. Assumable mortgages offer an array of advantages over traditional loans, but not all mortgages can be passed along in this manner.

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.

Assumable Mortgage. A mortgage contract that allows, or does not prohibit,a buyer from assuming the mortgage contract of the seller. When a home buyer assumes responsibility for a home seller’s existing mortgage, the buyer assumes all the obligations under the mortgage, just as if the loan had been made to her.

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An assumable loan means I can take over the payments from you and the car and the loan goes into my name. Phil You can also assume a mortgage on a home when you buy it. Or you can sell your home.

A VA loan assumption is when a buyer takes over responsibility for a mortgage. In this case, “loan assumption” means signing over the debt and the property to. VA loans were created under guidelines which made the “freely assumable”.