I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

It's time for some money we have.

If you've been looking to buy a house lately or if you're selling one, you've probably

heard the term, Assumable Mortgage, drift into the narrative.

Which may have you asking WTF and Assumable Mortgage is, and if it could help you finally

score the house of your dreams.

And if you're on the other side of the equation and you're selling, could Assumable Mortgages

have the potential to help you get your asking price in slower markets where buyers are

more reluctant to take on mortgages with these new higher interest rates.

Finally, if you're dealing with a divorce involving a mortgage or an inheritance involving

a mortgage property, this could come into play for you as well.

Assumable mortgages are as hard to find as the perfect flattering bathing suit, but

they are out there and they could help you out no matter what side of the mortgage

you're on.

First, let's define the term Assumable Mortgage.

Very simply, Assumable Mortgages are ones where the buyer assumes or takes over the existing

mortgage on the property.

Which is great for the buyers because they can get a mortgage with an older, lower rate,

but don't get too excited because that doesn't cover the full purchase price of the property.

I'm going to use some very rough numbers to explain this using an imaginary home with

a current asking price of 450 grand.

The sellers, let's say, bought the house for 400 grand in 2020 and their mortgage rate

...