Assumable mortgage

Assumable mortgages are relatively rare. A homeowner with an assumable loan can "hand off" the loan to a buyer instead of paying it off using proceeds from the home sale. If rates are low and you can get one, by all means do so. If rates rise, buyers will want to assume your loan (and will be willing to pay more for your house!) because it'll be much cheaper than any loan they could get from a bank or other source.

Pro: Reduces monthly payments and saves money on closing costs.
Con: Sellers charge more for houses, so buyers need more cash to cover the difference between asking price and loan balance.