If you’re paying off a mortgage, you’re probably used to sending your loan servicer a check every month, or sending payment automatically from your bank account. But now, mortgage borrowers may have a new option for paying off home loans — using cryptocurrency.
United Wholesale Mortgage recently announced that it plans to accept Bitcoin and other types of cryptocurrency as payment for outstanding mortgage loans by the end of the year. The company intends to start off with Bitcoin (most likely since it’s been around longer than any other digital coin) but aims to then expand to other digital currencies as quickly as it can.
United Wholesale is the first major mortgage lender announcing plans to adopt cryptocurrency as a payment option. But if it goes through with its plans, it’s possible that more lenders could follow its lead.
Still, that raises the question — is it a good idea to make your mortgage payments with cryptocurrency? Or should you stick to the cash payments you’re used to?
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