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What Is Assumable Mortgage?

What Is Assumable Mortgage?

Submitted by • November 5, 2019 www.chango.ca

An assumable mortgage is a type of mortgage in which allows an individual can sell his/her property to a new buyer and transfer the remaining mortgage along with its terms, usually with little or no change in terms, to the new buyer. When interest rates rise, assumable mortgage is an attractive feature to a buyer who takes on an existing loan made during lower interest rates. There are only two types of loans that are assumable are loans insured by the Federal Housing Administration (FHA) and the US Department of Veterans Affairs (VA).

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