Solve Finance’s First-Ever Debt Optimizer Helps Homebuyers and Others Overcome Loan Barriers
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Brooklyn, New York–(Newsfile Corp. – June 10, 2022) – Solve Finance, which is based in Portland, Maine, as well as Brooklyn, New York, has created a unique “debt optimizer” – what the company describes as the world’s first automated scanner for debt savings that can help someone reduce debt to improve their financial situation so they can apply for any mortgage they need.
At a time when rising mortgage rates and other growing barriers are preventing people from getting the loans they need for the big purchases of their lives, a financial services company is embracing the latest technology to help break down those barriers.
For example, most mortgages have a strict debt-income qualification standard, which means an aspiring buyer can’t spend more than 45% of their monthly income paying off their debts if they want to get approved. a loan to buy the property of his dreams. . Solve Finance’s eye-catching software analyzes the latest financial data to identify potential savings of thousands of dollars to manage and improve this ratio.
“We aim to really minimize your costs and achieve the greatest savings by using all the data we have for your lowest cost debt options.” – says Sean Hundtofte, founder and CEO of Solve Finance.
The Debt Dashboard is based on Hundtofte’s extensive experience working for over 20 years in finance, as well as his extensive knowledge of technology as a computer scientist. “I got into consumer credit investing and saw borrowers make bad debt repayments,” he says, and that’s what led him to do extensive research on mortgages and other loans that eventually led to Solve Finance.
“Borrowing is complicated but easily fixed using technology. You just need to put the right incentives in place,” adds Hundtofte, which his company can do.
The dashboard could help millions of people who would otherwise find their goal of owning a home out of reach, especially for minority borrowers.
A recent report by the National Association of Realtors found that black mortgage applicants are twice as likely to be turned down as white loan applicants. Combine this with new about soaring mortgage rates – which will inevitably force even more people out of the housing market – and buyers need all the assistance they can get.
“The financial system has created unnecessarily complex processes that have hurt low-to-moderate income people. This has created a persistent gap in homeownership for LMI people and Black and Latinx people,” Hundtofte says. “Our overly complicated financial system in the United States has unfortunate distributional effects that exacerbate inequality – high-income consumers are more likely to shop around and refinance to avoid credit overload, and to use the types of financing the cheapest to begin with, compounded by even greater wealth gaps when they lead to denials of home ownership.With Solve Finance, we want to change that.
Hundtofte adds that the company wants everyone to benefit from its debt dashboard so that any customer can minimize the cost of borrowing they have in mind. “We want to help solve the complicated financial problems of shopping, refinancing and managing their debts,” he adds.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127232