Mortgage Lender Introduces Product Allowing Cryptocurrency Use

Rate, a Chicago-based mortgage lender, has launched RateFi, a product designed for borrowers holding cryptocurrency. This innovative solution aims to simplify the mortgage process by incorporating digital assets into the qualification assessment.

The new program allows qualified borrowers to utilize verified cryptocurrency as part of their income and asset evaluation. However, it is essential to note that borrowers using digital assets for down payments or closing costs must still convert those funds to cash.

RateFi's introduction is expected to facilitate mortgage access for individuals who hold cryptocurrency, potentially increasing the pool of eligible homebuyers. By integrating digital currencies into traditional financing, Rate is bridging a significant gap in the market.