R assumable mortgages a thing of the past? If not how do they work?

They still exist, but very few lenders still offer them. Basically, the new borrower takes over the existing mortgage. However, the new borrower must qualify the same as if they are getting a completely new mortgage.

Thanx for the info.

the most common assumable loan will be 99% of the ARMs in the market…

and FHA…

and commercial loans