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Unlocking the Power of Credit Karma Commercial: A Comprehensive Guide

Credit Karma commercial

Unleash your shopping home

Homeownership is often seen as key to achieving the American Dream and is often seen as a measure of adulthood.  However, many Credit Karma members don't qualify or don't think they'll be able to buy a home.  More than 65 million of our members are non-homeowners.

With nearly one in two millennials in the US as trusted members, we saw a great opportunity to bring simplicity and transparency to your homebuying journey.  Today we are proud to announce the launch of Credit Karma Home Buying Power.

Buying a home is plagued with questions:
• how much home can I afford? 
• Where do I start the process?
• Can I qualify for a mortgage? 
• If not, what do I need to do to qualify? 

While the mortgage industry is filled with countless calculators and automated tools, we didn't want to just create a "tool."  We wanted to create an experience that shows how much home you can afford as a trusted friend, no matter how far away you are from buying a home: 3 months or 3 years.

Home Buying Power shows you how much of a home you can afford, teaches you about the factors that go into it, helps you improve those factors, and tracks your progress over time.

Since we already have credit and debt information from your credit report, we can easily combine this information with your income and expected down payment to check mortgage options in real-time. 

This is amazing and it's exclusive to Credit Karma.  Similar to credit, we want our members to feel empowered so they can confidently tackle what could be the biggest purchase of their lives.  Since its launch in September 2018, more than 2 million Credit Karma members have started that journey with us.

What makes the trip difficult?

Meet Donna.  She is a Credit Karma member who finally managed to buy a house after searching for 25 years.  She was turned down for a mortgage multiple times before she finally got the finances from her to make it happen.  Unfortunately, Donna is not alone.  Approximately 50% of members who have used the home buying power to date do not qualify to purchase a home, primarily due to credit problems or significant debt.

With the strictest credit requirements since the last financial crisis and student debt at an all-time high, many of our members are stuck.  They strive to get ahead, but historically there hasn't been a single place to get advice and track how close they are to own a home.

Many don't even know they're ready.

This is the one that boggles my mind the most.  Myths about how the mortgage industry works keep highly qualified buyers from making the first move. 

For example, many people mistakenly believe that they must put in at least a 20% down payment to buy a house.  incorrect!  More than half of the loans contracted in 2017 had a down payment of less than 20%, with a drop as low as 3.5%.

How do we make things better?

Over the years, Credit Karma and Credit Karma Tax have offered multiple free services to our members, such as ID checks and DIY tax filing.  In the same way, we believe that everyone deserves to know how much they can afford to buy a house without affecting their credit and without spending money.  We are on a mission to make it super easy.

With the power of Credit Karma's new home buying, we help you understand the health of key factors: credit, debt, income, and savings for a down payment.  We don't just tell you what's going on, we also provide interactive tools and structured content to help you learn by doing.

Home Buying Power was created with simplicity in mind to help our members better understand what it takes to make their dream of homeownership a reality. 

We lift weights automatically.  Just check your home's purchasing power to see how the things you do every day help you move toward your dream.  Trust us, the little things add up.  That way, when you're ready to buy a home, you can be in the driver's seat and take control with confidence.

What interests us most is that this is only the beginning.  We do not plan to stop buying energy for the home.  We're developing more personalized experiences to help you improve your credit and manage your debt to help you qualify for a mortgage faster. 

In addition, our goal is to provide you with helpful advice on when and where to shop.  And once you're ready to buy, we'll be there to facilitate your mortgage transaction, making it easy for you.


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