Buying a home, particularly for Millennials, is a complicated and expensive process – at times it can be complicated and expensive enough to discourage potential buyers from even trying.
Enter Divvy, one of the many Silicon Valley startups working to change the way people buy homes. The company is specifically interested in providing alternative financing options for prospective homebuyers who don't qualify for traditional mortgages.
Divvy accomplishes this by purchasing homes outright and allowing customers to pay the company back through monthly installments — 25% of the total goes toward building equity and 75% goes toward paying "rent."
See the rest of the story at Business Insider
See Also:
- RBC has emerged as enemy No. 1 in a new battle between mortgage funds and the banks that give them financing. Read the opening salvo.
- Revolut has launched in the US, and the coronavirus crisis could both help and hinder the neobank
- Governments are raising contactless transaction value limits during the coronavirus pandemic
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