Investing.com — Wealthfront is expanding its digital mortgage platform to Texas, offering prospective homebuyers and refinancers in the state access to rates approximately 50 basis points below the national average, Investing.com has learned.
The rollout, which is expected to be announced today, follows the fintech’s move from early access to general availability in Colorado last month.
Wealthfront is now licensed in 26 states, up from 19 in November, and plans to continue expanding its geographic footprint throughout the year.
The company is able to offer below-average rates by leveraging automation to reduce overhead costs, the same approach it has applied to investing and savings products for more than a decade, currently serving over 1.4 million clients across its platform.
The company is expected to allow prospective borrowers in Texas to unlock the offering by opening a Cash or Stock Investing Account with as little as $1.
The company will also make a real-time mortgage rate calculator available, allowing users to obtain personalized rates and estimated monthly payments without submitting a formal application or speaking with a sales representative.
Wealthfront is positioning the Texas launch as a direct challenge to the traditional mortgage experience. The company’s digital-first platform allows borrowers to manage the entire mortgage process from a mobile phone.
The expansion comes as competition in the digital mortgage space intensifies, with a growing number of fintech platforms targeting cost-conscious homebuyers seeking alternatives to traditional lenders.
