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What is an Assumable Mortgage? Major Savings if Your Loan Makes the Cut


True to its name, an assumable mortgage is a type of home loan where the buyer takes over the seller’s mortgage, rather than applying for a new loan. Assumable mortgages offer an array of advantages over traditional loans, but not all mortgages can be passed along in this manner. Here’s how to tell if an assumable mortgage is something you should consider, as a homebuyer or seller.

Despite their stringent guidelines, assumable mortgages can make great sense in a variety of circumstances. So consider talking to your lender about whether they might be a good choice for you.


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