Assumable is a term used in the world of finance and real estate. It refers to a type of mortgage that can be transferred from the original borrower to a new borrower. In this article, we will explore the definition, origin, and meaning of assumable, as well as its associations, synonyms, and antonyms.
Definitions
Assumable refers to a type of mortgage that can be transferred from the original borrower to a new borrower. This means that the new borrower takes over the mortgage payments and assumes responsibility for the loan. Assumable mortgages are often used in real estate transactions, as they can make it easier for buyers to purchase a property.
Origin
The word assumable comes from the Latin word assumere, which means “to take up.” The term assumable has been used in the world of finance and real estate for many years, and it has become a common term in these industries.
Meaning in different dictionaries
According to Merriam-Webster, assumable means “capable of being assumed or taken over.” The Oxford English Dictionary defines assumable as “capable of being taken over or assumed by another person.”
Associations
Assumable mortgages are often associated with real estate transactions. They can be a valuable tool for buyers who are looking to purchase a property but may not have the funds to pay for it outright. Assumable mortgages can also be used to transfer ownership of a property from one family member to another.
Synonyms
Some synonyms of assumable include transferable, assignable, and conveyable. These terms all refer to the idea of transferring ownership or responsibility from one party to another.
Antonyms
Antonyms of assumable include non-transferable, non-assignable, and non-conveyable. These terms all refer to the idea that ownership or responsibility cannot be transferred from one party to another.
The same root words
Assumable is derived from the Latin word assumere, which means “to take up.” Other words that are derived from this root include assume, assumption, and reassume.
Example Sentences
- The mortgage on the property is assumable, which means that the buyer can take over the payments.
- We were able to transfer ownership of the property to our daughter using an assumable mortgage.
- The bank refused to approve the transfer of the assumable mortgage to the new buyer.
- The seller was able to attract more buyers by offering an assumable mortgage on the property.