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My Home Pathway, an app that helps users improve their financial health and navigate the mortgage loan process, launched nationwide.
Every year, 2 million Americans are denied for a loan. According to urban.org, the homeownership rate among millennials ages 25 to 34 is 8% lower than baby boomers and 8.4% lower than Gen Xers, according to a press release. The mortgage denial rate for Black and Hispanic individuals increases to 20.9% and 15% respectively. Only 44% of Black households own homes, compared with nearly 74% of white households.
Through an exclusive Home Readiness Report, personalized guidance and an integrated loan pre-approval process, My Home Pathway’s was created to teach users how to build wealth through education, train them to improve financial habits through an intuitive user interface and unique recommendation engine, and achieve financial freedom through homeownership.
My Home Pathway is partnering with First Republic Bank as the premier launch and marketing outreach partner. First Republic will be piloting outreach for their Eagle Community Home Loan Program, inclusive of a broader range of available mortgage products, in partnership with My Home Pathway exclusively in the Northern California region.
First Republic’s Eagle Community Home Loan Program offers attractive terms for buying or refinancing a primary residence in their designated areas, according to the release.
"We believe that regardless of where you start - credit score, student loans, or how much wealth you come from - anyone can own a home. We believe in the power of financial literacy and providing everyone with the opportunity to improve their financial behaviors," says Castleigh Johnson, founder & CEO.