Here’s how you can earn points on your next home purchase

Bilt, a company known for helping renters earn rewards on their biggest reoccurring expense, is expanding its loyalty program. This time, it is turning its attention to homeownership.

The company is launching a program that allows people to earn points when purchasing a home. The company said it is a first for the industry. It also comes at a time when housing costs, including elevated home prices and borrowing rates, have sidelined a significant number of buyers and sellers from the market.

Industry experts have also warned that interest rates may not fall as much as previously expected.

The new program is an extension of what the company has already been doing in attempting to help its members build their path toward homeownership. Bilt currently helps members build their credit by reporting their timely rent payments to the credit bureaus every month. In doing so, renters are able to build their credit history, making it easier to qualify for a home, founder Ankur Jain told FOX Business. 

BOZEMAN, MONTANA HOME TO A BOOMING REAL ESTATE MARKET

Bilt has launched a program to earn points on home purchases. (Bilt Rewards)

With the new program, Bilt launched a search tool on its website and app that enables prospective buyers to search for homes based on their monthly budget rather than the total price. The move is an attempt to help buyers navigate the complexities of homeownership in a way that aligns with their budget. 

“Part of the issue is people really don’t even know what they can afford and which homes they can buy,” Jain said. “It is a little bit easier to find homes you can afford right now just by creating simplicity and transparency.”

Here’s how the program works:

First, perspective buyers need to be a Bilt member, which is free. Bilt members can then search for homes based on their budget through the company’s website or app. Buyers can search and compare what they can get for their monthly budget in areas around the country. 

Members can also see how far their monthly rental payment could go toward owning a home.

Bilt Rewards founder and CEO Ankur Jain. (Bilt Rewards)

THIS IS THE BEST TIME TO BUY A HOME ACCORDING TO EXPERTS

“You say, ‘I can spend $5,000 a month all in, including taxes, insurance, interest, principal… show me the homes I can buy today.’ And we do all the work for you,” Jain said.

Bilt has launched a program to earn points on home purchases. (Bilt Rewards)

The company calculates homeownership costs such as the local tax rates on that house, insurance estimates, principal cost and interest. It also looks up what mortgage rates a person qualifies for, according to Jain. 

When someone is ready to buy, they click on the home and schedule a tour with an eXp Realty agent. If the prospective buyer closes on the home with the agent, they will earn one point for every $2 of a…