Assumable Mortgage

What is an Assumable Mortgage?

A home loan that allows the buyer to take over, or assume, the seller’s mortgage at the original terms, including interest rate.

 Mortgage rates have remained stubbornly high.

But did you know that homebuyers can take over certain types of mortgages from the seller—at their original interest rates? These loans are called assumable mortgages.

Many fixed-rate mortgages can be assumed; most variable-rate loans cannot.

If you have an assumable mortgage with a low interest rate, it could be a selling point for your home. However, there are some important factors to consider. Reach out for a free consultation to learn more!