Real Estate Terms Glossary
What is an Assumable Mortgage?
In real estate, an assumbale mortgage is a financing arrangement where the owner of a current mortgage transfers the mortgage note to another buyer. In essence, the buyer is assuming the remaining debt and terms of the mortgage, which allows that buyer not to originate a new mortgage
Assumable mortgages are seen on the buyer side and become more attractive when interest rates rise so that the new buyer can assume the lower interest rate. There are two types of loans that can qualify as assumable, which are insurnced by the Federal Housing Administration and the US Department of Veterance Affairs.
Assignment of Mortgage Examples
Examples where you will find an assumable mortgage:
- Example 1. A buyer of a property assuming the current mortgage on the house.
Here is the Balance’s definition of an Assumable Mortgage .
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