Finance
A buyer in Corvallis asks about an 'assumable mortgage.' A loan with an assumable feature means:
AThe new buyer can take over the existing mortgage payments without lender approval
BThe new buyer can take over the existing mortgage, subject to lender approval and qualifying✓ Correct
CThe buyer assumes the seller's credit history and rating
DThe title company assumes responsibility for the mortgage during escrow
Explanation
An assumable mortgage allows a new buyer to take over the seller's existing mortgage, subject to lender approval. FHA and VA loans are typically assumable with lender approval.
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