assumable mortgage

Definition of "assumable mortgage"
  1. A home loan that permits the buyer to undertake the seller's ongoing loan, maintaining the same payments and conditions of the existing agreement
How to use "assumable mortgage" in a sentence
  1. The family opted for an assumable mortgage to facilitate the purchasing process.
  2. Due to unexpected circumstances, they had to transfer their assumable mortgage to a new buyer.
  3. An assumable mortgage can be a beneficial option when interest rates rise.

Provide Feedback
Browse Our Legal Dictionary
# 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