On Thursday, mortgage giant Quicken Loans announced it has formed a partnership with Airbnb to provide new home financing options by enabling the property rental company’s hosts to use rental income on a primary residence to refinance their mortgages. Jay Farner, Quicken Loans CEO, stated;
“Technology is at the heart of everything we do at Quicken Loans, so it is a natural fit for us to partner with one of Silicon Valley’s most innovative companies. Quicken Loans created Rocket Mortgage, the world’s first and only fully online, on-demand mortgage product. Rocket Mortgage has quickly become our company’s platform where all of our client-focused technology is accessible to consumers. Rocket Mortgage is to Quicken Loans as iPhone is to Apple. We are very excited to be collaborating with the leader in home-sharing and tech-driven property rentals. Airbnb and Quicken Loans are firmly aligned to drive innovation in the real estate industry to dramatically improve and simplify client experience, as well as saving homeowners time and money.”
Quicken Loans also reported that through the partnership its clients may now use income from leasing all or part of their home to guests on Airbnb to refinance their mortgage. The organization added:
“Using this additional revenue in debt to income (DTI) calculations opens refinancing opportunities to Airbnb hosts enabling them to easily tap into their home equity, making home improvements so they can increase their rent on Airbnb or even welcome more guests.”