Congratulations on getting ready to buy a home! Bilt Points are a useful way to help offset all those upfront costs you’ll pay, from the down payment to closing costs.

Here’s how to use your Bilt points when buying a home.

When should I redeem my points?

Timing-wise, you should start the process after you’ve made a successful offer on a home but before you finalize the transaction and move in. 

The home buying process typically starts with prequalifying for a mortgage so that realtors and sellers can trust you’re good to make an offer. At that point, you won’t have to show information about points–prequalifying is a high-level assessment of your ability to qualify for a mortgage.

Then, you’ll shop for your dream home and, once you find it, submit an offer to the seller. If the offer is accepted, you’ll sign a sales contract agreeing to purchase the home at a future date which, on average, is 45 days later. During those 45 days, between signing the contract and when you “close” on the home, is when you’ll redeem your Bilt Points.

The redemption process

Once you’ve accrued all the points you plan to use before closing, you’ll fill out this form to redeem your points. We ask that you upload any document that shows you’re in the process of buying a home (sales contract, loan documents, etc.). We then issue you an electronic check for the value of your points within five business days of your submission. Points are converted to cash at 1.5 cents per point, which is an awesome redemption rate! More importantly, it’s cash in your pocket, so there’s no additional complexity added while you’re making the biggest purchase of your life.

Are there limitations? Do I have to use a specific lender?

Because this is converted to cash for you, there is no limitation on what lender you work with or what type of home you purchase. Cash sourced from credit card points is an eligible source of funds for closing with any lender (based on clear guidelines from all agencies that set standards for mortgage underwriting). So, you can redeem your points whether you’re buying a condo or a 10-bedroom investment property. If you’re buying real estate, whether your first or tenth home, you can use your Bilt Points.

The Bottom Line

The majority of renters aspire to become owners. To help you get there, Bilt Rewards helps build your credit and increase your savings through Bilt Points. Bilt Points are easy to earn and easy to redeem towards buying a home. And don’t miss all the great information about home buying on our app. As head of homeownership, I’m always excited to hear from members with their stories or questions.