Homebuyers Can Get Downtime Help With Zillow’s New Tools

New tools have been unveiled by Zillow, a real estate website, as it aims to further extend assistance to homebuyers in their down payment management.

The website has partnered with Down Payment Resource (DPR) to display information about the various assistance programs in the ads, where a home buyer can get help, FOX News reported.

Detailed information, such as the maximum amount a buyer can get, will be provided by the programs. It also contains links that can lead them to more information.

“Millions of people are perhaps more qualified to buy a home than they realize, and the partnership with Zillow is a great opportunity to help these people go from dream to reality,” said the CEO and founder of DPR, Rob Chrane. “We have worked for many years to compile the most comprehensive list of resources available for affordable homeownership. “

“Almost all communities are served by some type of assistance program, and it’s our mission to get this information into the hands of those who need it,” added Chrane.

The tool was developed by the partners ahead of its launch as part of Zillow’s social impact products team, the two companies said in an official statement.

According to DPR, an average home buyer can get help of around $ 17,000.

High house prices are said to have caused unnecessary additional stress for potential home buyers, Zillow said.

Zillow’s website on a mobile phone hosted at Dobbs Ferry, New York, USA on Saturday, May 1, 2021.

Stress for potential buyers could even increase over the next few months as some experts predict mortgage rates to rise.

The rate might not increase drastically, said Jeff Taylor, managing director of Mphasis Digital Risk, but it will increase more from the previous year.

“The bond market – which sets the tone for rates – is reacting to significantly higher consumer inflation data, as the CPI hit its highest level in 30 years,” Taylor said last month.

A 33% cash mortgage boom was also reported by Black Knight, a mortgage analysis company. This may signify further concern that the rate hike may trigger a change in the market in the months to come.

The down payment is a notable obstacle to securing a home, said two-thirds of homebuyers, as a recent survey shows.

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Elaine R. Knight