ASSUMABLE MORTGAGE
\ɐsˈuːməbə͡l mˈɔːɡɪd͡ʒ], \ɐsˈuːməbəl mˈɔːɡɪdʒ], \ɐ_s_ˈuː_m_ə_b_əl m_ˈɔː_ɡ_ɪ_dʒ]\
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A MORTGAGE that can be transferred from the original borrower to a new purchaser of the underlying property. The assumability feature eliminates the need for the original LOAN to be repaid and a new loan to be arranged, which reduces time and expense factors.
By Henry Campbell Black
Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).
Nearby Words
- assuasive
- assubjugate
- assuefaction
- assuetude
- assumable
- ASSUMABLE MORTGAGE
- assumably
- assume
- assumed
- assumed bond
- assumed interest rate