Finance
What does 'assumable mortgage' mean in Rhode Island real estate?
AThe lender can accelerate the loan at any time
BA buyer takes over the seller's existing mortgage with the lender's permission✓ Correct
CThe seller must pay off the mortgage before selling
DThe buyer's lender assumes the seller's lender's position
Explanation
An assumable mortgage allows a qualified buyer to take over the seller's existing mortgage—keeping the original terms (rate, balance, remaining term) with lender approval. FHA and VA loans are often assumable.
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