An assumable mortgage is a type of home loan that allows a buyer to take over the existing mortgage of the seller. This means that the buyer agrees to assume the remaining balance of the seller’s mortgage, rather than taking out a new loan to purchase the property.

Assumable mortgages were more common in the past, but they are still available today, although they are not as prevalent as they once were. The main advantage of an assumable mortgage is that it can be a useful option for buyers who are looking for a lower interest rate or better terms than they would get with a new mortgage.

Assumable mortgages can also be beneficial for sellers, as they can make their property more attractive to potential buyers by offering a desirable mortgage option. However, not all mortgages are assumable, and some lenders may charge a fee or require the buyer to qualify for the loan based on their creditworthiness and income.

If you are considering an assumable mortgage, it is essential to research the terms and conditions of the loan carefully. You should also work closely with your lender and a qualified real estate professional to ensure that you understand all of the implications of assuming an existing mortgage