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:
- POWER PLAYERS: Meet the 11 American Express execs tasked with evolving the card giant to keep pace with the booming e-commerce space
- The head of Amex Digital Labs lays out the card giant's innovation strategy, and explains why the future is partnering with tech giants like Apple and Google
- Splitit is quickly adding new customers and merchants thanks to the coronavirus pandemic
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