This appears to be a first – digital mortgage lender Neat Loans will provide applicants with a $500 discount if they’re vaccinated for COVID-19.
The Boulder, Colorado-based company believes they are the first mortgage lender, and indeed financial services company, to offer a discount for getting the COVID-19 vaccine.
At a time when cases are surging again in many parts of the country following a bit of a lull, it appears they’re putting safety first.
Of course, this move will probably come with its share of controversy as well, like all things COVID do.
As to why they’re doing this, Neat Capital CEO Luke Johnson said, “Mortgage lenders need to have important conversations with their clients about the home-buying process and their vaccine status as it relates to employment.”
Adding that responsible companies have required their employees to get vaccinated to keep workplaces safe, and without a job, it’s tough to get a home loan.
Vaccinated Customers Will Receive a $500 Lender Credit from Neat Loans
Specifically, Neat Loans will provide a $500 lender credit to borrowers if they provide proof of COVID-19 vaccination.
Borrowers may use any digital or electronic picture of a vaccine record to satisfy the requirement. So you can probably take a photo of a paper copy and upload it as well.
It doesn’t matter which vaccine manufacturer you went with, such as J&J, Pfizer, or Moderna, or the number of doses received.
This offer is available to both those purchasing a home and those who apply for a mortgage refinance.
However, the mortgage loan application must be received on or after August 13th, 2021, and the promotion can come to an end at any time.
The company will also provide the same $500 credit to unvaccinated applicants who declare they’re unable to be vaccinated due to health or religious reasons.
And if you weren’t able to get the shot due to healthcare accessibility, cost, childcare availability, or transportation costs, Neat will ensure free vaccine access so borrowers can receive this promotional credit.
But you’ll need to submit a loan application with Neat first to have those costs covered.
Lastly, not all customers need to be vaccinated in order to apply with Neat Loans, to ensure equal access among all individuals. So you can still get a mortgage from them, just without the lender credit.
Neat Loans Provides Real-Time Mortgage Underwriting
This bonus credit aside, Neat Loans says you can get pre-approved for a mortgage in just three minutes, and make cash-like offers in just 48 hours once you receive an official approval.
They’ll even back up their so-called “Platinum Certified” approval for up to $50,000 of your earnest money (5% of the purchase price) if the deal falls through due to financing.
Neat claims to provide “real-time underwriting” designed to close loans 3X faster than the industry average.
And you can even earn $100 to upload required documentation in the first 24 hours, which will all be neatly listed for your convenience.
Another perk to Neat is the fact that their mortgage rates are openly displayed on their website, without the need to sign up first to view them.
They also provide handy estimates of required income and assets you’ll need to qualify for certain loan amounts and loan programs.
Their goal is to provide a “mortgage without the mess,” and close loans quicker with more transparency.
Props to them for having the courage to reward those who are taking their own health seriously and protecting their communities in the process.
At the moment, Neat Loans is only licensed to lend in five states, including California, Colorado, Connecticut, Texas, and Washington.
(photo: Marco Verch, CC)