assumable mortgage
Definition
Loan agreement that does not have the alienation clause or the due-on-sale clause commonly included in such agreements. Assumable mortgage may be transferred to (can be assumed by) a new borrower on the same terms and rates as the original mortgage, upon payment of assumption fee. Also called assumable loan.
email to a friend
print this definition
cite this definition
link to this page
assumable mortgage is in the Banking, Commerce & Finance and Real Estate & Buildings subjects.
assumable mortgage appears in the definition of the following term: assumable loan
This content can be found on the following page:
http://www.businessdictionary.com/definition/assumable-mortgage.html