Digital mortgage
May 16, 2020
Matt High

FinTech profile: Better.com, the digital mortgage innovator

Better.comis using innovative digital mortgage technology to reshape the home ownership journey

Innovation lies at the heart of Better.com.

The disrup...

<h3 dir="ltr">Better.com&nbsp;is using innovative digital mortgage technology to reshape the home ownership journey</h3>

<p dir="ltr">Innovation lies at the heart of Better.com.&nbsp;</p>

<p>The disruptive business streamlines the mortgage process to eliminate lender fees and commission, take out unnecessary steps and lose time wasting.&nbsp;</p>

<p>The Better.com&nbsp;proposition is underpinned by a desire to break&nbsp;the status quo. CEO Vishal Garg set out to change an industry that he felt was bound by opaque and stressful processes, a lack of transparency and a “system set up to benefit insiders - not you”.</p>

<p>According to the company, mortgages are a “$15 trillion problem”. Housing in the US is a $33trn business, yet home finance continues to operate as it has done for many years.&nbsp;</p>

<p>The sector, says Better.com, has avoided technological advancement for decades, instead relying on traditional systems that are confusing and slow.&nbsp;</p>

<h4>A better experience through technology</h4>

<p>The company also aims to make home ownership more accessible for all Americans. It is doing this by “taking apart the old infrastructure and replacing it with thoughtful technology and a Better experience”.</p>

<p>That experience starts with an innovative platform that puts users in the driving seat. Central to that, is full transparency and efficient and intuitive processes.&nbsp;</p>

<p>Key benefits to the Better.com service include:&nbsp;</p>

<ul dir="ltr">
<li>24/7 availability</li>
<li>Instant loan estimates</li>
<li>A fully, 100% online process that is simple to use</li>
<li>No commission, just a focus on providing the best loan</li>
<li>No origination fees</li>
<li>On-demand rate lock</li>
</ul>

<p>The company offers fixed rate FHA loans, and both fixed and adjustable rates for conventional and jumbo loans on a host on property types.&nbsp;</p>

<p>Its technology platform is core to keeping its prices low. It also aids efficiency - a loan estimate typically takes up to three days, for example, but with Better.com&nbsp;it is near immediate.&nbsp;</p>

<h4>Disruptive business model</h4>

<p>Since it was founded in 2016, Better.com&nbsp;has experienced significant growth. A year after that date, for example, the business had partnered with - and then acquired - Californian mortgage specialist, Avex Funding.&nbsp;</p>

<p>It had also funded its first 100%-digital loan without a single phone call.&nbsp;</p>

<p>Today, the business is backed by several recognised names including <a href="//www.goldmansachs.com">Goldman Sachs</a>, <a href="//www.americanexpress.com">American Express</a>, <a href="https://www.citigroup.com/citi/">citi</a&gt; and KPCB.&nbsp;</p>

<p>Such success has garnered praise from external parties, too. For example, Inc. said “whereas traditional mortgage applications can take weeks, getting pre-approved on Better.com takes just a few minutes thanks to a largely automated process”.&nbsp;</p>

<p>Similarly, <a href="//www.nerdwallet.com">Nerdwallet</a&gt; referenced Better’s ‘new-breed’ approach to loan providers, particularly its service through technology model.&nbsp;</p>

<p><strong>Find out more about Better.com&nbsp;<a href="https://better.com/about-us">here</a>.</strong></p&gt;

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