MLchartDataset catalogue

Assumable mortgage

Term · Law · MLC-T-LAW-000596

A type of home loan that can be transferred from the original borrower to a new buyer. The new buyer takes over the existing mortgage terms, including the interest rate and repayment schedule. This feature is more common with FHA and VA loans than with conventional mortgages.

Table 1. Record
IdentifierMLC-T-LAW-000596
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000596",
  "term": "Assumable mortgage",
  "field": "Law",
  "definition": "A type of home loan that can be transferred from the original borrower to a new buyer. The new buyer takes over the existing mortgage terms, including the interest rate and repayment schedule. This feature is more common with FHA and VA loans than with conventional mortgages.",
  "url": "https://mlchart.com/terminology/law/assumable-mortgage/"
}

Record 384 of 5,441 in Law terminology (MLC-0107). Request the full dataset.