Frequently asked questions
Buyers - Getting Started
What is Roam?
What is an assumable mortgage?
Why is an assumable mortgage valuable?
Will an assumption work for me?
Why do buyers use Roam?
I contacted the listing agent and they didn't know the home was assumable?
Will Roam be my agent, or do I still need one?
I am interested in buying a home with Roam, what should I do?
What is Roam’s 45-Day Closing Guarantee?
Buyers - Qualifying to Assume a Loan
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?
Buyers - Down Payment, Fees, & Closing Costs
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?
Do I have to pay a down payment?
Can I put more money down to lower my payment?
What if I don’t have enough for the down payment amount?
Buyers - Roam Boost & Second Mortgages
Can the second mortgage cover closing costs in an assumable mortgage transaction?
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?
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?
Sellers - Getting Started
What is Roam?
What is an assumable mortgage?
Why is an assumable mortgage good for sellers?
Why do sellers use Roam?
How much does Roam cost?
How will Roam work with my listing agent?
What is Roam’s 45-Day Closing Guarantee?
Sellers - Assumption Process
Who is qualified to sell with Roam?
How do I find a buyer who qualifies for my loan?
Will I still be associated with the mortgage after the assumption?
If I have a VA loan and someone assumes it, can I get another VA loan?
How does the mortgage assumption process affect my credit score?
How does Roam help cover equity in the home that I’m selling?
Agents – Getting Started
What is Roam?
What is an assumable mortgage?
Why do agents use Roam?
How does Roam make money?
What does Roam’s fee include?
Do you work with all servicers?
Do you work with all second mortgage lenders?
Agents - Assumption Process
How are assumptions different from a conventional-financed transaction?
Does the seller have any liability in a sale that includes a mortgage assumption?
What homes are available for assumptions?
Does the buyer have to pay a down payment?
Agents – Client Information
How do I know if my client’s home is a fit for Roam?
How can I tell my clients about Roam?
If I am representing the buyer, what documentation do I need to include with their offer?