Finance
An 'assumable mortgage' in Pennsylvania allows:
AThe buyer to take over the seller's existing mortgage terms, subject to lender approval✓ Correct
BThe buyer to refinance the seller's mortgage immediately at closing
CThe seller to keep the property while receiving the buyer's purchase price
DMultiple buyers to share a single mortgage
Explanation
An assumable mortgage allows a buyer to step into the seller's shoes on the existing mortgage — keeping the original interest rate and terms. Lender approval is typically required. VA and FHA loans are generally assumable; most conventional loans contain due-on-sale clauses preventing assumption.
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