Glossary of Mortgage Terms
Explore commonly used mortgage terms that are frequently used by AmeriSave Mortgage.Assumable Mortgage
An assumable mortgage is a type of home loan that lets a buyer take over the seller's current mortgage, including the interest rate, remaining balance, and repayment terms. This means the buyer doesn't have to get a new loan.
Automated Valuation Model (AVM)
An automated valuation model (AVM) uses math, data about properties, and sales of similar homes to figure out how much a home is worth on the market without having to go see it in person.
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