The Recap Home Loan Process
Step 1: Prepare to buy a home
Congratulations on taking the first step to purchasing a home with Recap Home Loans! First, you will need to establish your budget. We make it easy for you with our Loan Affordability Calculator. All you have to do is provide some basic information about your income, current assets and liabilities, and your Bitcoin or Ether holdings you plan on depositing as collateral and we’ll calculate your maximum home purchase price. Information entered in this calculator is never saved or retained by Recap Home Loans.
Step 2: Complete Application and Get Pre-Approved by Recap Home Loans
Now that you’ve established your budget and are ready to start house hunting, it is time to get Pre-Approved. In this step, you will need to provide proof of income and assets (including proof of your Bitcoin or Ether holdings), as well as submit to a credit check. Once the online application is complete, Recap Home Loans will issue you a Pre-Approval Letter good for 90 days. This letter will be crucial when placing an offer on a home. Once you are under contract on the purchase, Recap will be there with you every step of the way to the closing date. We will conduct all our diligence and underwriting within 30 days of loan application and will make sure that each borrower and their real estate agent is in the loop throughout the entire loan process.
Step 3: Close on your purchase with Recap Home Loans
Approximately 7 days prior to your scheduled closing date, you will need to transfer your Bitcoin or Ether to our cryptocurrency custodian. For the duration of the loan, your crypto will be held in cold storage by our custodian. As soon as the cryptocurrency is with our custodian and underwriting is complete, we will fund 100% of the purchase price to escrow for closing.
Whenever you sell, refinance, or pay off your first mortgage at maturity, your crypto-backed loan will become due. When you pay back the principal balance on the crypto-backed loan, we return your cryptocurrency back to you within 3 business days. With Recap Home Loans, now you never need to decide between investing in crypto or investing in real estate!