• Buyers had to be creative when it came to financing because interest rates were rising.  
• An assumable mortgage was one possibility. The major advantage of an assumable loan for the seller is that an appraisal is not required.   Although assumable loans can be very advantageous for the buyer as compare to the seller because they necessitate back-end work and may impose restrictions for them
• The seller can get out of the loan earlier, avoid penalties or premiums for early payments, and, in some cases, avoid deadlines for repairs and other things the seller can’t do.
• A loan assumption may provide the buyer with lower interest rates than the current market rate and closing costs than a newly originated loan, and a clear understanding of the loan’s expectations because the terms will likely remain the same after the assumption.