Assumable Loan Opportunities in Residential Real Estate with Raunaq Singh, CEO and Founder of Roam
Jul 9, 2024
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Raunaq Singh, CEO and Founder of Roam, discusses assumable low-rate mortgages in residential real estate. Topics include history of assumable mortgages, market size, challenges for buyers/sellers, Roam's partnership with agents, benefits for buyers/sellers, underwriting process, and future trends in the real estate market.
Roam enables homebuyers to save up to 50% on monthly payments with assumable low-rate mortgages.
Roam's personalized marketing for sellers and down payment support for buyers enhance affordability and accessibility in real estate transactions.
Deep dives
Roman Founder's Background and Inception of Rome
The podcast episode delves into the founder and CEO of Rome, Ronak's journey starting from distributing phones to taxi drivers to working at companies like Uber and Opendoor. Ronak discusses his epiphany about digital innovations intersecting with physical industries, leading him to identify the potential in housing tech. His experience at Opendoor and mastering mortgages paved the way for the birth of Rome, a platform facilitating home purchases using assumable low-rate mortgages.
Economic Disruption and Solution Offered by Rome
Rome emerged as a solution amidst significant economic turmoil generated by rising mortgage rates, rendering millions of Americans unable to afford homes. Sellers refrained from listing properties due to inflated prices. Rome's innovative approach allows buyers to access assumable government mortgages, easing financial constraints. Ronak highlights the missed awareness around assumable mortgages, presenting a scalable solution for both sellers and buyers.
Operational Model and Market Expansion of Rome
Rome's operational framework includes extensive data scanning to identify homes eligible for assumable mortgages, enhancing buyer accessibility. The platform's differentiation relies on a personalized marketing pitch to sellers and competitive down payment support for buyers, ensuring affordability. With plans for national expansion, Rome targets regions abundant in FHA and VA inventory, emphasizing a streamlined and transparent home buying experience.
Monetization Strategy and Industry Transformations
Rome's monetization involves charging buyers 1% of the sales price, aligning incentives with enhanced buyer savings and lender benefits. Ronak anticipates a shift in real estate dynamics, focusing on consumer-driven property search and agent roles. He identifies tech-enabled transparency as a pivotal trend, reshaping agent value propositions beyond listings. The podcast delves into future trends, promoting bold innovation and tech-driven transformations in real estate practices.
We've got a solid interview for y'all this week. Raunaq Singh, Founder and CEO of Roam, comes on the show to discuss their platform for purchasing homes using assumable low-rate mortgages.
Raunaq digs into the history of assumable mortgages, the potential size of the market, and the challenges and opportunities for buyers and sellers. Raunaq also explains how Roam is working with agents, and is addressing misconceptions about assumable mortgages. We discuss the potential impact on real estate transactions as a whole nationwide—but also how much education is necessary to drive that impact. We also get into the benefits for both buyers and sellers, the underwriting process, and the future trends in the real estate market.
Listen in!
More about Ranuq and Roam Roam is a platform that enables homebuyers to purchase a home with an assumable low-rate mortgage included and save up to 50% on monthly payments compared to buying the same house with a traditional mortgage. To date, Roam has helped buyers save $12k per year and $350k over the life of their loan compared to taking out a new mortgage. To date, over 500k buyers have used Roam to find their next home with a low-rate assumable mortgage.
Raunaq Singh is the founder and CEO of Roam, the platform for purchasing a home with an assumable, low-rate mortgage included. Prior to founding Roam, Raunaq spent a decade in various product and operations roles across Uber, Opendoor, and Culdesac. He received a Bachelor's degree in Political Economy from NYU and currently resides in New York City.