What's Hot: Arlington County Approves Missing Middle Zoning | Move-In Ready Townhomes at EYA's Northeast DC Neighborhoods
The New "Crypto Mortgage"
While some homebuyers are selling cryptocurrency investments in order to make a down payment on a home, a tech company wants to offer investors the best of both worlds.
On Tuesday, Milo announced the release of what it is terming "the world’s first crypto mortgage", enabling mortgage applicants to qualify for and finance purchase of homes in the United States by leveraging their Bitcoin portfolio.
story continues belowloading...
story continues above
Applicants would be able to use Bitcoin to qualify for a long-term mortgage by pledging, not selling, a certain amount of their Bitcoin wealth. The more Bitcoin the individual pledges, the lower their interest rate would be. Bitcoin can be used to finance up to 100% of the purchase price of the home.
Throughout the life of the mortgage, the borrower can make their monthly payments using Bitcoin, regular money, or a stablecoin cryptocurrency that is tied to the value of the U.S. dollar. However, the pledged Bitcoin will be stored by a third party, so it will not function as a liquid asset. If the value of the cryptocurrency takes a nosedive, the borrower would likely have to pledge more Bitcoin or "liquidate some of those assets" as a last resort, according to Milo founder Josip Rupena.
"The existing ways for crypto consumers to access home credit has left them with unintended tax liabilities of selling for a down payment or worse the opportunity cost of seeing their crypto increase in value," Rupena said in a statement. "There are countless stories of people buying property with bitcoin proceeds only to see it increase in value and be worth millions more. We have an opportunity to make sure that doesn’t happen anymore and their bitcoin wealth can now help them buy a property.”
A waitlist is currently open.
See other articles related to: bitcoin, crypto mortgage, cryptocurrency, homebuying, mortgages, real estate technology
This article originally published at https://dc.urbanturf.com/articles/blog/the-new-crypto-mortgage/19153.
Most Popular... This Week • Last 30 Days • Ever
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
The new development keeps humming along in DC's Buzzard Point.... read »
It is early in the year, but there are already a number of areas around DC where home... read »
Today, UrbanTurf is taking a look at the tax benefits associated with buying a home t... read »
If you are tired of getting lost in their stores, IKEA has a new location planned tha... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
The application to raze the infamous fast food location at New York and Florida Avenu... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The largest development on the boards for the H Street Corridor is planned for a fami... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- The Stacks, Brooklyn Bowling and a Vermeer: The 5 Developments on the Boards for Buzzard Point
- DC's 14 Million-Dollar Neighborhoods in 2023
- A Look At The Tax Benefits of Buying a Home Through a Trust
- IKEA Opening Small Format, Delivery Only Location in Pentagon City
- Whole Foods at Walter Reed To Open This Summer
- The End is Here: Raze Permit Filed For Wendy's at Dave Thomas Circle
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro