Ben Eisen

speaker

1,467 appearances 35 recordings 1 series first heard Jul 2017 last heard Nov 2024

Ben Eisen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Get a 3% Mortgage Rate in a 7% World · 25 Sep 2023 podcast

And you have to process the assumption itself, which means underwriting the buyer and making sure they qualify to assume the loan of the seller.

And there can be paperwork, but it can be sort of a sluggish process.

So Roam is trying to kind of smooth out the bumps in all of this.

One is actually kind of matching up buyers and sellers by having a database of assumable loans that buyers can browse and look for and basically putting that front and center in the actual home search process.

But they're also trying to help get the assumptions done, which might mean working with the lender and kind of badgering them until they get it done, just taking care of all of the procedural work of it.

So the startup that, you know, is aiming to sort of popularize this, they charge a fee of 1% of the actual sale price of the home.

That's sort of their cut for making this all happen.

Yeah, they basically do that.

And another aspect of all of this is that if you say you buy the house for $500,000, but the mortgage you're assuming only has $300,000 balance on it, that's $200,000 that you have to come up with, which would be a pretty big down payment.

if you are the buyer.

Now, if you don't have the cash, what a lot of people need to do is take out a second loan at a market interest rate and use that to help complete the process.

So that adds another hurdle there.

Rome isn't a lender, but they kind of aim to help recommend lenders and help people understand that process too.

So the sale goes through, but the lender wouldn't actually be making a new loan.

They would basically be taking a loan that already existed and transferring it to a new buyer.

And when you actually process an assumption, you don't necessarily make as much money as you would make originating a new loan.

You also might not make enough money to cover the cost of doing it because it's a lot of work and you're only getting paid a few hundred dollars to do it.

So lenders are sort of cool to the idea.

They'll process the assumptions.

And so far, there just haven't been that many to process.

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