Frequently asked questions
Buyers
What is Roam?
What is an assumable mortgage?
Why do buyers use Roam?
Why is an assumable mortgage valuable?
Will an assumption work for me?
What does it take to qualify for an assumption?
Does Roam approve me for the loan?
Do I need a preapproval?
Does it have to be my primary home in order to assume a mortgage?
Can I assume a VA loan if I’m not a veteran?
Can I assume a mortgage when purchasing a home for my child or family member?
Will Roam be my agent, or do I still need one?
How do I search for and find homes with assumable mortgages?
How do these homes end up on your website?
How much does Roam cost? Can the seller absorb any of this cost?
What does Roam’s fee include?
How much are typical closing costs and can they be wrapped into the assumable loan?
MIP - what is it, why can’t it be removed?
Can I put more money down to lower my payment?
Do I have to pay a down payment?
What if I don’t have enough for the down payment amount?
What is Roam Boost?
What does it mean to have an assumable mortgage with a second mortgage?
How does a second mortgage function in conjunction with an assumable mortgage?
What are the benefits of combining a second mortgage with an assumable mortgage?
Who can qualify for a second mortgage with an assumable mortgage?
What is the process for obtaining a second mortgage with an assumable mortgage?
Can the second mortgage cover closing costs in an assumable mortgage transaction?
Blended rate—what does it mean when discussing a second mortgage?
How does using a second mortgage with an assumable mortgage affect monthly payments?
How is a HELOAN different than a HELOC?
I am interested in buying a home with Roam, what should I do?
Agents
What is Roam?
Why do agents use Roam?
How can I tell my clients about Roam?
What is an assumable mortgage?
How does Roam make money?
What does Roam’s fee include?
How are assumptions different from a conventional-financed transaction?
What homes are available for assumptions?
Does the seller have any liability in a sale that includes a mortgage assumption?
Do you work with all servicers?
Do you work with all second mortgage lenders?
Does the buyer have to pay a down payment?
How do I know if my client’s home is a fit for Roam?
If I am representing the buyer, what documentation do I need to include with their offer?
Sellers
What is Roam?
Why do sellers use Roam?
Who is qualified to sell with Roam?
What is an assumable mortgage?
Why is an assumable mortgage valuable?
How much does Roam cost?
How does Roam help cover equity in the home that I’m selling?
How does the mortgage assumption process affect my credit score?
Will I still be associated with the mortgage after the assumption?
How will Roam work with my listing agent?
How do I find a buyer who qualifies for my loan?