Which of these is not an advantage associated with an assumable loan?
A)The new buyer does not incur the closing costs of a new loan.
B)The new buyer may be able to get a lower interest rate than the current market rate.
C)It is easier for the seller to sell the home.
D)The new buyer does not have to qualify for the loan.

Question

Quizplus · Accepted Answer

An assumable loan typically requires the new buyer to qualify for the loan, ensuring they have the financial capability to take over the payments. This is a safeguard for the lender to ensure the new borrower can uphold the loan terms.

Which of These Is Not an Advantage Associated with an Assumable