Roam
Helping homebuyers purchase their next home with a low-interest rate mortgage included.
Roam is a startup that aims to make homeownership more affordable by helping buyers secure mortgages with interest rates as low as 2%. The company operates in the real estate and mortgage market, primarily serving homebuyers who are looking to take advantage of low-rate mortgages. Roam's target clients are individuals who qualify for FHA (Federal Housing Administration) or VA (Veterans Affairs) loans, as these buyers are more likely to be eligible for assumable mortgages—mortgages that allow a new buyer to take over the seller's existing loan, often at a lower interest rate than current market rates.
The business model of Roam revolves around simplifying the process of assuming a low-rate mortgage. The company charges a fee of 1% of the purchase price, which is collected from the buyer through closing costs. This fee structure is designed to make the process straightforward and stress-free for the buyer. By facilitating the assumption of low-rate mortgages, Roam helps buyers significantly reduce their monthly mortgage payments, sometimes by as much as half. For example, assuming a $500,000 mortgage at a 2% interest rate can save a buyer more than $1,650 per month.
Roam's value proposition is particularly compelling in markets like Atlanta, where housing affordability has become a significant issue. By enabling buyers to assume low-rate mortgages, Roam provides a practical solution to high monthly payments and makes homeownership more accessible. The company also handles the complex navigation of the mortgage assumption process, including interactions with the mortgage servicer, which further simplifies the experience for the buyer.
In summary, Roam is a valuable tool for homebuyers looking to secure better mortgage rates through assumable mortgages. The company makes money by charging a 1% fee of the purchase price, and it offers a simpler, more affordable path to homeownership.
Keywords: assumable mortgages, low-rate mortgages, homebuyers, FHA loans, VA loans, real estate, mortgage market, affordability, closing costs, monthly savings.