Tools include credit monitoring, home search,
access to real estate professionals, and educational
resources
First-time homebuyers can get pre-approved and
receive up to $4,500 in cash and
incentives
IRVINE,
Calif., Nov. 16, 2022 /PRNewswire/
-- Sustained housing shortages, elevated home prices, soaring
interest rates and inflation continue to erode home affordability,
and disproportionately impact first-time homebuyers. Recognizing
the challenges facing first-time homebuyers, loanDepot has
introduced a holistic suite of digital tools designed to support
them through every stage of the homebuying journey, from preparing
for homeownership to navigating the process to closing on their
first home.
Many potential first-time homebuyers are frozen out of the
market today. Home prices rose 20.6% from March 2021 to March
2022 – and as of April 2022,
the typical 7% down payment made by first-time homebuyers amounted
to $27,400, which could prevent 92%
of renters, whose median savings are just $1,5001, from purchasing a home.
"Housing affordability and sustainable home ownership are
amongst the most pressing issues today, particularly for first-time
homebuyers who have unique needs when navigating what can be a
complex journey as they enter the market," said loanDepot, Inc.
President of Digital Products and Services Zeenat Sidi. "We're talking about a diverse
group, who are more digitally savvy today, with many first-time
homebuyers starting the process by researching online to become
educated on all of their options. By offering relevant and holistic
digital content, tools and resources in a convenient and
easy-to-navigate site, our goal is to make the dream of
homeownership a reality for as many homebuyers as possible."
Simplifying one of life's most significant financial
transactions, loanDepot's new digital portal provides multiple
resources, all in one place. Users have access to:
- A dedicated site for first-time home buyers
taking users to fantastic new educational content, as well as
helping them get pre-approved for a mortgage and connected to a
real estate agent through loanDepot's affiliated real estate
referral and broker business, mellohome.
- A financial wellness section featuring a
complimentary credit monitoring tool to help potential homebuyers
understand their credit bureau score and report, and how it affects
their home buying prospects.
- Home search functionality allowing customers who
are ready to start looking for (or even dreaming about) their
perfect home to do so in the portal.
- Up to $4,500 in cash and
incentives for first time homebuyers as part of the
loanDepot Grand Slam program. In partnership with sister company
mellohome, the Grand Slam gives customers seamless access to an
entire suite of home transaction products in a single package, with
unique benefits for first-time homebuyers who purchase with a
mellohome-approved agent and finance through loanDepot.
"Providing increased support for first-time homebuyers is a
critical part of our Vision 2025 strategy focused on expanding
loanDepot's purpose driven purchase market origination
footprint," said loanDepot, Inc. President and CEO
Frank Martell. "We are entering a
phase of profound generational change and consequently the make-up
of the typical new homebuyer in this country. Our team at loanDepot
is squarely focused on making sure the first-time homebuyers of
today and the future have the best possible information, tools and
support as they start their homeownership journey."
To view the full suite of first-time homebuying tools and
resources, visit www.loanDepot.com/first-time-homebuyer.
About loanDepot
loanDepot (NYSE: LDI) is a digital commerce company committed to
serving its customers throughout the home ownership journey. Since
its launch in 2010, loanDepot has revolutionized the mortgage
industry with a digital-first approach that makes it easier, faster
and less stressful to purchase or refinance a home. Today, as one
of the nation's largest non-bank retail mortgage lenders, loanDepot
enables customers to achieve the American dream of homeownership
through a broad suite of lending and real estate services that
simplify one of life's most complex transactions. With headquarters
in Southern California and offices nationwide, loanDepot
is committed to serving the communities in which its team lives and
works through a variety of local, regional and national
philanthropic efforts.
Media Contact
Jonathan
Fine
VP, Public Relations
(781) 248-3963
jfine@loandepot.com
1 According to reports from the Joint Center for
Housing Studies of Harvard
University
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SOURCE loanDepot, Inc.