Finance
An assumable mortgage in Utah allows:
AThe lender to transfer the loan to a new lender
BThe buyer to take over the seller's existing loan on the original terms✓ Correct
CThe seller to keep the property while the buyer takes over payments
DThe broker to guarantee the buyer's loan obligations
Explanation
With an assumable mortgage, the buyer can take over the seller's existing loan with the same interest rate and terms. FHA and VA loans are generally assumable; most conventional loans have due-on-sale clauses preventing assumption.
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