With mortgage rates lingering above 7% a lot of potential homebuyers may be tempted to sit on the sidelines and wait for rates to come down. But Roam CEO Raunaq Singh suggests buyers and sellers take a look at assumable loans. Assumable loans, according to Singh, are loans in which the buyers 'take over the interest rate that the seller currently has.' In other words, the rates that the seller paid are the same rates the new buyer will pay. This, according to Singh allow for more affordability and increases opportunities for sellers. Roam takes 1% of purchase price from each sale made through their site.
With mortgage rates lingering above 7% a lot of potential homebuyers may be tempted to sit on the sidelines and wait for rates to come down. But Roam CEO Raunaq Singh suggests buyers and sellers take a look at assumable loans. Assumable loans, according to Singh, are loans in which the buyers"take over the interest rate that the seller currently has." In other words, the rates that the seller paid are the same rates the new buyer will pay.
So for buyers this allows you to purchase a home with a mortgage as low as 2%, which would be a reduction in monthly payments by more than half compared to purchasing at today's prevailing rates. And for sellers, it helps you find significantly more buyers for your home, because your home is the only one in the neighborhood that comes with a mortgage included.So full disclosure, Josh and I are both in the market right now. And we heard 3%.
Now, if you pop over to withroam.com and click on the Listings tab, in Atlanta, you will see literally hundreds of homes like 500-plus. And the reason for this is that we built the first ever feed of homes that were eligible for the assumption. As you mentioned, most folks don't know this as an opportunity. So they don't know to advertise it. They don't to tell their listing agent to advertise the affordability benefit.
So it doesn't end up showing up in a lot of the normal real estate platforms you might go to, which is why we built a product where you can come to you first to find the most affordable way to purchase a home at withroam.com.So talk to me about the terms of these loans. In other words, I am the seller, right, and you are essentially passing on this loan that you have potentially locked in at 3% to the buyer.
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