Translating the benefits of homeownership to more people
When it comes to making the biggest financial decision of your life, nothing is more important than feeling comfortable with your decision. And that can be nearly impossible when much of that process takes place in a language that you aren’t as proficient in.
That’s been the case for the millions of Americans whose preferred language is Spanish. Most major lenders don’t offer a Spanish-language version of the mortgage process or other resources that can help them through the process. We are changing that.
A tus órdenes
For years, our Digital Mortgage has made the mortgage process simpler and stress-free for our borrowers. We were the first lender to offer it, and it’s won many awards. Now that same digital process is available completely in Spanish, so more people can apply for a mortgage and get pre-approved in minutes.
Borrowers will also be able to access important loan documents in Spanish, so that they can better understand the loan terms and fee descriptions that they’re comparing. All borrowers deserve a clear understanding of their mortgage, and we don’t believe anything should get in the way of that.
Camilo Escalante, Executive Director of Diverse Segments at Rate, says, “We feel transparency is a right no matter what language you speak. Our solution has no geographic boundaries, as Latinos are integral parts of city, suburban, small town, and rural communities in all 50 states. Now, Spanish-speaking homebuyers and real estate agents have trusted mortgage resources wherever they are.”
Focused on the details
“When it comes to one of the most significant financial decisions most people make in their lifetimes, details can have a big impact on homebuyers,” said Arlyn Kalinski, Vice President, LEP Compliance for Rate.
“Let’s take loan disclosures as a prime example. These documents reveal critical details on loan terms, projected monthly payments, and how much the consumer will pay in fees and other costs to get their mortgage (closing costs). We walk customers through the loan estimates and closing disclosures in Spanish, with a real time digital version the customer can print/save as reference.”
Beyond the Digital Mortgage experience, borrowers can also work with a bilingual processing team that have familiarity with the unique situations that are common in Spanish-speaking communities. And there are also translation services through Over-the-Phone Interpretation (OPI). This service offers experienced interpreters able to translate over 170 languages.
Committed to education
This commitment to speaking the language of more and more of our borrowers goes beyond just the application process. Most homebuyers spend a lot of time and energy educating themselves on mortgages, financing options and homeownership, and this is true no matter what language they speak.
That’s why Hispanic borrowers will find a Spanish language version of much of our website. We’ve translated many articles from our in-depth financial education section and other homebuying resources. We’ve even created La Mejor Guía para Comprar Tu Primera Vivienda, a translated version of our popular downloadable guide for first-time homebuyers.
Expanding the benefits of homeownership
These Spanish language tools will allow more Hispanic homebuyers to take advantage of homeownership to build generational wealth for themselves and their families. We’re proud to offer this industry-first language access program during Hispanic Heritage Month and look forward to serving more and more of the community in the years ahead.