offer a unique and often overlooked opportunity for both buyers and sellers. These loans, while not as common as traditional mortgages, can be a valuable tool in various real estate transactions. In this article, we’ll explore what assumable loans are, how they work, and their common uses. An assumable loan is a type of mortgage that allows a homebuyer to take over the existing mortgage on a property. In other words, the buyer “assumes” the loan, assuming the same interest rate, terms, and remaining balance as the seller. This can be an attractive option for buyers because they may be able to secure a loan with a lower interest rate and more favorable terms than what is currently available in the market. The process of assuming an existing mortgage typically involves several key steps 1. Qualification Just like with a traditional mortgage, the buyer must qualify for the assumable loan. Lenders will assess the buyer’s creditworthiness and financial stability to ensure they can make the mortgage payments. 2. Negotiation The buyer and seller must agree on the terms of the assumption, including the sale price