LAS VEGAS (KTNV) — Buying a home in Southern Nevada may feel nearly impossible for more— with skyrocketing prices and soaring mortgage rates— it's no wonder many Las Vegas locals are on the sidelines.
"I wouldn't even bother looking," said Demitri Niforos, a local in the area.
Now, imagine shaving $1,500 off your monthly payment. That's exactly what Roots Homes here in the valley is doing through assumable loans to help potential homebuyers.
Turning an unaffordable dream into reality for residents like Niforos.
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I feel like I stumbled on a secret and I am the first one in this race.
I've been following up with the company for almost two years. Niforos said it's a game-changer.
Abel: How did you find out about Roots Homes?
Niforos: it was actually an article you posted about a year ago. At first, I was like, 'is this trustworthy,' but then I was like 'they're on the news, what do I have to lose.'"
Fast forward to Wednesday, Niforos said thanks to Roots Homes founder, Lauren Self and her team, he now is giving me a tour of his new $675,000 home.
"I would never imagine that I could be in a house like this, but due to the rate we got it at I'm here," Niforos said.
I asked Self what the process looked like for locals.
If the loan is assumable instead of getting a new mortgage at today's high rates, the average today is 6.82 you can take the seller's existing loan at the existing interest rate.
She said that's exactly what Niforos did.
He paid $95,000 upfront to cover the difference between the home's price and what was left on the original loan. Now, he's taking over a $580,000 loan at a 2.795% interest rate.
Self walked me through the numbers— breaking it down to show just how much Niforos will be saving each month.
1,372 in savings. Houses that were previously unaffordable because of how high interest rates are suddenly possible for our customers to buy because they take advantage of these low rates.
Niforos said they made becoming a homeowner a reality for him and his fiance.
“I feel like by going through roots and getting this rate, I was able to reverse the time and be a part of the golden generation to buy a home, so I feel like I beat the odds,” he said.
Roots Homes has its own brokerage and a team of realtors. If you choose to work with them and pursue the loan assumption process, they charge a 1.5% fee based on the total cost of the home.
This gives you full access to their services.
