Is Crypto the New Down Payment? Rate Launches RateFi
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RateFi allows borrowers to use verified cryptocurrencies for mortgage qualifications without selling their assets. The program adheres to non-QM mortgage guidelines, but down payments and closing costs still need to be in cash.
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- RateFi allows borrowers to use verified crypto as income and reserve qualification.
- Down payments and closing costs must still be converted to cash.
- The program operates under existing non-QM mortgage guidelines.
Chicago-based lender Rate has officially stepped into the crypto mortgage debate.
On Monday, the company announced the launch of RateFi, a new program that allows qualified borrowers to use verified cryptocurrency holdings to help secure a home loan, without being forced to sell their digital assets first.
For years, crypto investors faced a frustrating reality: lenders either required liquidation, triggering possible tax consequences, or forced borrowers into pledged-asset loan structures that restricted control over their holdings. RateFi attempts to remove that friction.
But this is not a free-for-all.
How RateFi Actually Works
RateFi operat…
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