One of America’s largest digital wealth management firms has today launched a homeownership planning tool to help millennials start saving for their first house.
Wealthfront’s newest feature Path is an automated financial planning solution to help users understand what they can afford today, as well as what it takes to be in the best position for affording what the home they want in the future. Path also illustrates the financial impact of owning your own home on other goals such as college tuition or early retirement.
According to the platform, Path’s “totally unique” quality is its ability to focus on “total affordability: delivering you a single, uncomplicated number that is built off your personal financial information that also considers your other big financial goals.”
Through third party integrations, the tool can also determine mortgage eligibility, what you can afford based on the neighbourhood you’re interested in, expenses beyond a mortgage and even the impact on your finances if you’re currently renting.
With both Path and the planning guide our team of PhDs have done all the heavy lifting so you don’t have to,” said Dan Carroll, founder and chief strategy officer at Wealthfront.
“Our goal is to make financial planning accessible so everyone can secure their ambitions, and we’re excited to kick off the new year with what we believe is the easiest and most comprehensive way to plan for your dream home.”
In 2017, Wealthfront was rumoured to be planning a future IPO.
This article first appeared on Digital Wealth News.