Start the trip to the house of your dreams
Home ownership is often considered the key to achieving the American dream, and is often considered as a measure of adulthood. However, many members of Credit Karma are not qualified or do not think they will ever be able to afford a house. In fact, more than 65 million of our members do not own a house. With almost one in two millennials in the US UU. As trusted members, we saw a great opportunity to bring simplicity and transparency to your home buying trip. Today we are proud to announce the launch of Credit Karma & # 39; s Home buying power.
Buying a house is full of questions: How much house can I pay? Where do I start the process? Can I qualify for a mortgage? If not, what should I do to be qualified? While the mortgage industry is full of countless calculators and automated tools, we didn’t want to create “a tool.” We wanted to create an experience that explained how much home you can afford as a trusted friend would, regardless of how far you are from buying a house: 3 months or 3 years.
The home buying power shows the amount of housing you can afford, teaches you about the factors involved in it, and helps you improve those factors and track your progress over time. Since we already have an idea of the credit and debt information on your credit report, we can combine this information with your income and the advance payment to verify real-time mortgage options. That’s great, and it’s exclusive to Credit Karma. Similar to credit, we want our members to feel empowered so they can approach with confidence what the biggest purchase of their lives could be. Since its launch in September 2018, more than 2 million members of Credit Karma have started that trip with us.
What makes the trip challenging?
Many are trapped and postpone their dreams
Many do not even know they are ready
This one stuns me more. Myths about the operation of the mortgage industry prevent highly qualified buyers from taking the first step. For example, many mistakenly believe that they must put at least a 20% discount to buy a house. Is not true! In fact, more than half of the loans taken in 2017 had a down payment of less than 20%, with some as low as 3.5%.
How are we improving things?
Over the years, Credit Karma and Credit Karma Tax have offered multiple free services to our members such as Identity Monitoring and DIY tax filing. Along the same lines, we believe that everyone deserves to know how much they can pay without affecting their credit and without spending money. We have the mission of making it super easy.
With the new Credit Karma Home buying power, we help you understand the health of the key factors: credit savings, debt, income and advance payment. Not only do we tell you what happens, but we also provide you with interactive tools and selected content to help you learn by doing.
Home buying power It was built with simplicity in mind to help our members better understand what it takes to achieve the dream of owning a home. We do the heavy work automatically. Simply check the purchasing power of your home to see how the things you do every day help you progress towards your dream. Trust us, the little things add up. That way, whenever you are ready to buy a house, you can be in the driver’s seat and be able to pass with confidence.
What excites us most is that this is only the beginning. We do not plan to stop with the power to buy homes. We are working to develop more personalized experiences to help you improve your credit and manage your debt to help you qualify for a faster mortgage. Beyond that, our goal is to provide useful advice on when and where to buy. And, once you are ready to buy, we will be there to facilitate the mortgage transaction process, making it perfect for you.
Here it is to progress!