Kin, a direct-to-consumer home insurance provider, has launched financing services in the US state of Florida. This marks Kin’s entry into home financing, providing a suite of solutions including mortgage loans, home equity loans, home equity lines of credit (HELOCs), as well as refinancing.
Florida is one of the fastest growing states by population. In recent years, many people and businesses have migrated to the southern state due to the weather and no-state tax environment.
Kin Founder and CEO Sean Harper says Kin is offering financial services designed to help homeowners gain “a better mortgage rate, purchase a new home, tap equity to fund renovations, or pay down high-interest credit card debt.”
Harper added that this deepens their relationship with Kin insurance customers and introduces Kin to new “potential” customers. The goal is long-term relationships “across multiple services that homeowners want, need, and value.”
As a broker, Kin uses its network of lending partners to find rates that can reduce costs over the lifetime of the loan.
With support from a licensed mortgage loan originator, homeowners understand their options and take advantage of “a simplified journey from application to funding.” Customers can feel assured that their loan actually fits their specific requirements and financial targets.
Almost half or about 50% of U.S. homeowners locked in “a historically low home interest rate during the 2020-2021 refinance boom.”
Since then, many Florida homeowners have reportedly built equity in their homes but often face barriers when attempting to access it. They are understandably reluctant “to refinance their entire loan to fund a renovation or consolidate debt.”
For these homeowners, Kin offers alternatives — HELOCs and home equity loans — that allow them to tap into equity while “preserving their favorable existing mortgage rates.”
Kin’s expansion into home financing leverages the firm’s relationships with over 150,000 Florida homeowners and its understanding of the state’s housing market.