RetroRate is developing tools to reinvigorate assumable mortgages, a practice that has dwindled since 1984. As mortgage rates soar, many homeowners are stuck with lower rates, making assumable loans an underutilized opportunity. The company is creating a comprehensive database of assumable loans with a user-friendly search portal aimed at real estate professionals. Through combining data from MLS listings and property records, RetroRate seeks to empower agents and consumers to navigate this often-overlooked financing option, thereby making it as common as traditional mortgage types.
What we're trying to do is basically build an assumable loan tool set and process automation around this old, archaic process that no one seems to know how to do anymore.
The goal is, Can we make assumable just like other financing types?' The funding round was led by Swiss Ventures, with participation from Eniac, Cooley Ventures.
Its core offering is a proprietary database of assumable loans, overlaid with a search portal for real estate agents.
With mortgage rates near their highest levels in two decades, the majority of homeowners are still locked into rates below 4%.
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