What is the meaning of an “Assumable Mortgage”?
Mortgage
Question by Independent_guy: What is the meaning of an “Assumable Mortgage”?
THANKS.
Best answer:
Answer by cspb
Taking over the payments of someone else’s mortgage.
http://www.mortgagenewsdaily.com/wiki/Assumable_Mortgage.asp
What do you think? Answer below!
Tags: Assumable Mortgage, Mortgages
Hi Guy,
There is currently only one type of mortgage that is assumable, FHA loans are fully assumable but you must remember that FHA does not make loans they only insure them – which means you may still need to qualify with the bank that holds the actual loan.
Having said that, this is a great way to purchase a home, if done correctly you can assume alot of equity and thats a good deal even in this market.