Obtaining a loan can be difficult in the United States. In the last few years, there has been a rise in interest rates, as well as a number of new state and federal laws that restrict lending and have made obtaining loans, or refinancing existing ones, more complicated. Fortunately, there is hope for those who have been turned down by traditional loan providers. There is a new type of loan that is available to anyone who wants to refinance their home, but is turned away by the banks. However, it is only for people who are purchasing or refinancing homes with a value of $500,000 or less. It is called a “small loan”.
One month earlier, I wrote an article about how to get a home loan with a cryptocurrency-backed loan in California. Since then, I have gotten a lot of questions about how to get a loan with a cryptocurrency-backed loan in other states. The short answer is that there aren’t any. So, I decided to write this guide.
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Glen Oaks Escrow, one of Southern California’s biggest independent escrow firms, has announced the first property refinancing using a Bitcoin-backed loan.
This is the first time a refinancing has been accomplished using Bitcoin as collateral, according to the firm. It also said in the July 28 statement that it had previously handled a number of real estate transactions using BTC as a payment method.
The transaction is seen as evidence that Bitcoin’s value proposition is becoming apparent to debtors and creditors, according to Glen Oaks Escrow, which began taking Bitcoin payments in 2018. Joe Curtis, the company’s Chief Operating Officer, said:
“Seeing a lender utilize bitcoin for a refinancing demonstrates how this payment mechanism is evolving in terms of how and who it is used by.”
He went on to say that witnessing a lender rather than a house buyer use BTC in a real estate transaction “shows us that this technology has the potential to become more prominent, even though it is still new to our industry.”
Another crypto-related real estate development is a Dogecoin enthusiast from Utah who has given a 10% discount on his home if the buyer pays in DOGE.
According to a local TV station, the owner of the $389,000 house has placed it for sale and will take seven cryptocurrencies, but prefers Dogecoin since he believes the 10% discount will be soon made up by Dogecoin price growth. At current pricing, the amount of DOGE needed to make the purchase after the discount would be approximately 1.7 million tokens.
Cointelegraph originally reported on the first-ever BTC real estate deal in Texas back in 2017.
Related: 5 Cities That Accept Bitcoin for Real Estate Purchases
These two new articles are the most recent favorable real estate developments. Cointelegraph reported on July 23 that a growing number of real estate companies are accepting bitcoin payments.
Piper Moretti, CEO and creator of The Crypto Realty Group, told Cointelegraph that many purchasers using digital assets to acquire real estate are taking out loans against their currencies, allowing them to keep their coins while putting the value to work.
In May, it was revealed that Dogecoin may be used to purchase real estate in Portugal. FNTX City Suisse has teamed with 355 Developments, a Portuguese property developer, to sell crypto condominiums in Lisbon’s capital.
BitQuick is offering a unique Bitcoin-backed home loan refinancing deal that lets home buyers qualify for lower interest rates than most conventional mortgage lenders. The loans are secured by the individual’s Bitcoin wallet.. Read more about refinance home loan and let us know what you think.
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