Cryptocurrency has certainly come a long way. A few years ago, a person would probably be laughed at just for suggesting the idea. These days, it is actually going on a lot more than people realize.
It certainly isn't the norm, but there are ways to use cryptocurrency to pay your mortgage. It is important to understand the pros and cons of using cryptocurrency when paying the mortgage. It might seem like a great idea, but it is not always for everyone.
What has kept companies from accepting cryptocurrencies?
- Volatile Market
It should come as no surprise that there are a lot of real estate companies that are scared off by cryptocurrency. Maybe they don't know enough about it. Maybe they don't want to put in the effort to have payment options set up.
The truth is, the cryptocurrency market can be volatile, but so can a lot of other investments. Those who are smart with investing can figure out the highs and lows just fine.
- Taxes
Taxes are another concern a lot of people have with cryptocurrency. Again, a lot of the concerns come down to just not being knowledgable on the topic. Those companies in all fields understand that cryptocurrency is safe, taxes are paid on it like other forms of money and it can always be exchanged into common currency.
Why using cryptocurrency to pay your mortgage makes sense
- Re-investing Opportunities
Most people look at cryptocurrency as an investment, and it is one that has paid off very well for some. Those who are looking for a little bit more consistency and a better future outlook might decide to go with real estate instead. This is the best and most efficient way to put money elsewhere, and diversify as much as possible. This opens up a lot of other opportunities for people who are trying to grow their overall wealth.
- Payment Flexibility
Some brokers will accept cryptocurrency, but it is still pretty much a non-starter for a lot of them. That is why converting it into US dollars is a better way to go beforehand.
With that said, Lend Plus is on the cutting edge of accepting cryptocurrency as a legitimate form of payment for a mortgage. Having that flexibility to pay in multiple ways is encouraging.
What to know about the future of cryptocurrency and mortgage payments
Most mortgage brokers are going to warrant a full paper trail when it comes to working with any type of cryptocurrency. In order to pass the approval process, a broker is going to need to know that everything is on the up and up. If things start to look a little bit shady, there is no way a person is going to get approved for a mortgage.
The good news is that Lend Plus, led by managing partner Jacques Poujade and other leaders at the company, have made that first step into the future by allowing cryptocurrency payments. Accepting Bitcoin and Litecoin, Lend Plus is the first to ever legitimize cryptocurrency in this way.