https://archive.ph/4JclX https://archive.ph/4JclX subtitle: "Loan assumptions, which let a home buyer essentially take over a seller’s mortgage, are hard to fi

https://archive.ph/4JclX https://archive.ph/4JclX subtitle: "Loan assumptions, which let a home buyer essentially take over a seller’s mortgage, are hard to find and hard to pull off" 'There are millions of outstanding mortgages with a 3% interest rate. A new startup says it can help today’s home buyers get their hands on them. Mortgage rates are now above 7%, leaps and bounds above the 3% they grazed two years ago. Buyers and sellers alike are giving up, sucking demand and supply out of the housing market. And things are expected to stay that way, with the Federal Reserve signaling plans to keep rates high for the foreseeable future. Roam, a real-estate company set to launch Wednesday, is betting that it can popularize an obscure workaround. “Assumable loans” allow sellers to transfer their own mortgage loans to the buyer alongside the house. n theory, the idea sounds great, at least for discouraged house hunters who can inherit a lower-rate loan. Sellers, in turn, might fetch higher prices for their houses. But Roam’s vision faces an uphill battle. Loan assumptions haven’t gained much traction recently, even though rates are up. Many lenders are cool to the idea because for them it would mean more work for less money.'