Neat Loans says COVID-19 created a new health risk for borrowers, and the credit is one way to lessen the chance that one of its loans will go into foreclosure.
BOULDER, Colo. – Neat Loans announced that clients who get a COVID-19 vaccine will receive a $500 discount on home financing through the company. The discount applies to $500 on closing costs for residential purchases or when refinancing a mortgage loan.
More companies started requiring employees to get vaccinated before returning to the office, but some firms are extending vaccination benefits to clients, generally with offers that entice more people to get vaccinated against COVID-19.
For a lender, however, it’s not just a concern for borrowers’ health. It’s also a way to lower the risk that someone will lose their ability to pay the mortgage, increasing the chance that their home will go into foreclosure.
“Mortgage lenders need to have important conversations with their clients about the home-buying process and their vaccine status as it relates to employment,” says Luke Johnson, CEO of Neat Capital, a financial services technology company based in Boulder, Colo. “This is partly due to responsible companies requiring employees be vaccinated to keep workplaces safe – and employment status is critical when trying to fund a home loan.”
To be eligible for the discount, borrowers must show a digital or electronic picture of a vaccine record. Neat says it will also make the lender credit available to unvaccinated borrowers who attest that they are unable to be vaccinated due to health status or religious reasons.
Source: Neat Capital Inc.
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