A glossary of real estate and mortgage terms for home buyers and sellers
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| Term | Definition |
|---|---|
| Assumable Mortgage |
A mortgage that can be taken over ("assumed") by the buyer when a home is sold. A provision in an assumable mortgage allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon the sale or transfer of the property. |
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