FinTech Profile: Better.com, the digital mortgage innovator | Capital risk
Better.com Uses Innovative Digital Mortgage Technology To Reshape The Homeownership Journey
Innovation is at the heart of Better.com.
The disruptive business streamlines the mortgage process to eliminate lender fees and commissions, eliminate unnecessary steps, and waste time.
The Better.com proposition is underpinned by a desire to break the status quo. CEO Vishal Garg set out to change an industry he said was bound by opaque and stressful processes, a lack of transparency and a “system put in place to benefit insiders – not you.”
According to the company, mortgages are a “$ 15 trillion problem.” Housing in the United States costs $ 33 billion, but real estate finance continues to work as it has for many years.
The industry, according to Better.com, has avoided technological advancements for decades, instead relying on traditional systems that are confusing and slow.
A better experience thanks to technology
The company also aims to make homeownership more accessible to all Americans. It does this by “dismantling the old infrastructure and replacing it with thoughtful technology and a better experience.”
This experience begins with an innovative platform that puts users in the driver’s seat. At the heart of this are total transparency and efficient and intuitive processes.
The main benefits of the Better.com service include:
- 24/7 availability
- Instant loan estimates
- A fully online and easy-to-use process
- No commission, just a focus on offering the best loan
- No origination fees
- Locking on-demand tariffs
The company offers FHA fixed rate loans, as well as fixed and adjustable rates for conventional and jumbo loans on a host on property types.
Its technological platform is essential to keep its prices low. It also helps efficiency – a loan estimate usually takes up to three days, for example, but with Better.com it’s almost immediate.
Disruptive business model
Since its inception in 2016, Better.com has experienced significant growth. A year after that date, for example, the company had partnered with California mortgage specialist Avex Funding and then acquired.
She had also financed her first 100% digital loan without a single phone call.
Such success also garnered praise from external parties. For example, Inc. said “while traditional mortgage applications can take weeks, getting pre-approved on Better.com only takes minutes through a largely automated process.”
Likewise,www.nerdwallet.com “> Nerdwallet; referred to Better’s “next generation” approach to loan providers, in particular its service through a technology model.
Learn more at Better.comhttps://better.com/about-us”> here.>
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