Definition

Assumable Mortgage

A loan a qualified buyer can take over on its existing terms. Common on VA and FHA loans, rare on conventional. Valuable when the existing rate is well below market.

Nearby terms

Appraisal Contingency A contract clause allowing the buyer to renegotiate or withdraw if the property appraises below the contract price. Appraisal Gap The difference between contract price and appraised value. Balloon Payment A large lump sum due at the end of a loan term that was not fully amortized over that term. Bank Statement Loan A non-QM programme qualifying self-employed borrowers on 12 to 24 months of deposits rather than tax returns.

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