Bilt has partnered with eXp Realty, one of the largest residential real estate brokerages in North America, to launch the Buy a Home tool. Bilt members can search homes based on an all-in monthly budget, connect with eXp real estate agents, and earn 1 Bilt Point for every $2 spent on a home purchased with eXp.
How does Bilt determine my down payment?
- If you select “Minimum Down Payment,” Bilt bases your down payment on the 5% down payment offerings. (Note: all jumbo mortgages require a 20% down payment, so a 5% option is not available if your required loan exceeds certain thresholds.) The “Standard Down Payment” option assumes a 20% down payment.
What portion of my home purchase qualifies for Bilt Points?
- You’ll earn 1 Bilt Point for every $2 spent on the total closing price of your home when you work with your dedicated eXp real estate agent.
Can I redeem the points I earn from my purchase as the down payment on my home?
- Points earned from a home purchased through Bilt can not retroactively be applied toward the down payment.
I found a home on another real-estate marketplace website. Can I find it through Bilt?
- Yes, you can use the search feature in the Buy a Home tab to find any specific home you’re looking for. If you can’t find the specific property, we recommend finding a similar property and connecting with an eXp real estate agent. Tell your eXp real estate agent what properties you’d like to see.
I already have a real estate agent. Can I still earn Bilt Points on my purchase if I buy outside of the Bilt platform?
- The home purchase must be facilitated by an eXp real estate agent you are connected with through Bilt in order to receive Bilt Points.
How does Bilt calculate my monthly payment?
- Bilt calculates your monthly payment based on several factors personalized to your financial profile, including your down payment preferences, principal, interest, taxes, insurance, and HOA or condo fees.
What is debt to income ratio?
- Debt to income ratio is a financial metric that compares your monthly debt payments to your gross monthly income. It's calculated by dividing your total monthly debt payments by your annual income before taxes. Monthly debt payments can include rent, mortgage, credit cards, car payments, alimony, and child support.
What are the 3 types of loan products someone could qualify for
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The 3 main types of mortgages are conventional loans, government-backed loans and jumbo loans. Bilt suggests a “recommended” loan type consistent with the conventional wisdom below, but always do your own research and consult with your mortgage lender for specific loan details.
- Conventional loan: Best for borrowers with good credit scores.
- Jumbo loan: Best for borrowers with good credit looking to buy a more expensive home.
- Government-backed loan: Best for borrowers with lower credit scores and minimal cash for a down payment.
How does Bilt determine closing costs?
- While Bilt provides an estimate of closing costs based on averages for the area, Bilt does not determine the actual final closing cost. All such costs will be determined at the time of closing, please consult with your eXp real estate agent for more information.
Can I schedule multiple tours through Bilt?
- Bilt connects you with an eXp real estate agent who would be happy to arrange multiple tours with you.
What if I want to speak with a real estate agent before scheduling a tour?
- Clicking the “schedule the tour” button allows your information to be shared with our eXp partners. From there, a eXp real estate agent will reach out following your interest in the property to schedule a tour. They are happy to address any questions or concerns at that time prior to your in-person tour.
How does Bilt assign me a real estate agent?
- Bilt has partnered with eXp, one of the largest real estate brokerages in the country, with roughly 17,000 concierge agents. As a result, the licensed eXp real estate agent is matched based on your desired geography.
What if I need to reschedule my tour?
- Please connect with your eXp real estate agent to reschedule your tour directly.
What if I want to stop working with my real estate agent?
- There are zero penalties for pausing or stopping work with your eXp real estate agent.
When can I expect a real estate agent to contact me?
- Your eXp real estate agent will contact you within 24 hours after you submit your tour request.
How do you manage my data?
- All your personal information is managed pursuant to the Bilt Privacy Policy.
What info are you sharing with my real estate agent?
- We are only sharing information that is relevant for scheduling your tour. This includes your name, email, phone number, property of interest, desired day/time of touring, and your target max price.
Does it cost anything to work with a real estate agent?
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Real estate agents that represent buyers are typically compensated out of the final sale of the home, paid for out of the seller’s proceeds. Your real estate agent is required to establish a contractually agreed upon amount of commission they will earn from the sale.
Can I use the Buy a Home service if I want to buy an investment property or a second home?
- Yes, you can!
I just purchased a home through Bilt! Can I use Bilt to pay my mortgage?
- You can’t use Bilt to pay your mortgage just yet, but it is a feature we’re hoping to launch very soon!
Does it matter who my mortgage lender is?
- Nope!