Guaranteed Rate Unveils New Spanish Mortgage Program

Mortgage and digital finance company Guaranteed Rate has launched an extensive language access program to expand services to Spanish-speaking customers. The program uses linguistic and cultural information to create an inclusive and informative experience for all customers, regardless of their English proficiency.

“The rapidly growing Latin American population has faced language barriers in the mortgage application process for far too long,” says Camilo Escalante, Executive Director of Diverse Segments at Guaranteed Rate. “We believe that transparency is a right, whatever language you speak. Our solution has no geographic boundaries, as Latinos are an integral part of cities, suburbs, small towns, and rural communities in all 50 states. Now, Spanish-speaking homebuyers and real estate agents have access to reliable mortgage resources wherever they are. »

“When it’s one of the most important financial decisions most people make in their lifetime, the details can have a big impact on homebuyers,” says Arlyn Kalinski, Vice President , Compliance with Limited English Proficiency (LEP) for guaranteed rate. “Let’s take loan disclosures as a prime example. These documents reveal critical details about loan terms, expected monthly payments, and how much the consumer will pay in fees and other costs to secure their mortgage (closing costs). Rate Guarantee walks clients through loan estimates and closing disclosures in Spanish, with a real-time digital version that the client can print/save for reference.

According to the National Association of Hispanic Real Estate Professionals, the Hispanic community is expected to make up 70% of new homeowners over the next 20 years. Guaranteed Rate’s Language Access Program ensures that every decision is presented to LEP Spanish speakers in a way that makes sense both culturally and linguistically.

“Misconceptions about mortgages — of acceptable credit scores, good and bad debt, the need for social security numbers, and the best down payment size — prevent many Latino consumers from even investigating the possibility of owning a home in the United States,” says Kalinski. . “Every Latino customer has a different story, whether they recently immigrated here or have American roots dating back generations. That’s why listening comes first, followed by education. Most countries from South America or Central America have unique or varying processes for buying a property.Depending on where a potential borrower is from and what questions they have, we can guide them to home ownership in the United States.

The Language Access Program is available to guaranteed-rate certified language loan originators in all 50 states. “We are changing the way the entire mortgage industry will communicate with the Hispanic community from now on,” Escalante says.

Comments are closed.