BOCA RATON, Fla.
- Aug. 27, 2021
-- Mortgage lender DreamLink Mortgage of Boca Raton aims to accept cryptocurrency for mortgage payments by end of year. Giving borrowers who've locked down historically low mortgage rates more flexibility to make their payments with their cryptocurrencies, rather than in their 'snail moving' bank accounts.
"We're excited that hopefully this year we can actually execute on that before anyone in the country," said Eric Wagner, President of DreamLink Mortgage. "We will most likely be starting with Bitcoin, but we're looking at Ethereum and others. We're going to begin slowly to integrate cryptocurrencies as payment, but at the same time, we are definitely a leader in technology and innovation, and we are always trying to be the best and lead in everything we do."
Meanwhile, crypto-friendly companies and platforms have been expanding into the mortgage sector as well over the past couple of years. In March, for example, Canadian Nasdaq-listed digital payments company Mogo extended its Bitcoin cashback rewards program to include mortgages. "Unlike traditional reward programs, Bitcoin rewards have the unique characteristic of being an asset class that can rise in value over time—$3,100 invested in Bitcoin 5 years ago would be worth over $350,000 today," the firm's CEO David Feller explained.
In 2019, actor Brock Pierce of "Mighty Ducks" made headlines after he took out the world's first Bitcoin-backed mortgage to buy a home in Amsterdam. "Being able to borrow against one's crypto assets gives one options when wanting to purchase a property. I was able to hold on to my crypto and settle the transaction in fiat," Pierce said.
Today's lower mortgage rates are boosting interest in buying a home. Demand for mortgage applications increased 1.6% in the past week, according to the Mortgage Bankers Association's (MBA) weekly survey. The rate for a 30-year fixed-rate mortgage dropped to 3.03% from 3.06%. "If accepting Bitcoin or other types of crypto makes it easier for our clients, we're going to find a way to do it. We've evaluated the feasibility, and we want to offer options. As crypto continues to gain traction across the world, it will only be a matter of time before other lenders follow our lead," said Wagner of DreamLink Mortgage.
If you're ready to skip the stress and purchase the home of your dreams, no matter what type of loan you need, DreamLink Mortgage will close it fast. Call 833-DRMLINK (376-5465) or visit their cutting-edge website and fill out an application, 100% Secure 256-bit encryption, easy to complete. The fastest way to get started: https://www.dreamlinkmortgage.com/