Better Mortgage, a digital mortgage company focused on improving access to home financing for a new generation of homeowners, today announced it refinanced nearly $275 million in mortgages in 2017. On average, Better saved homeowners $3,423 in transaction costs, in addition to the savings achieved through better rates backed by the Better Price Guarantee. Customers who took advantage of the guarantee since its launch in June 2017 saved more than $250,000.
“I am so proud, we saved consumers over one per cent on the $275 million of mortgages they refinanced with us, $3,423 per family, but we are just getting started on our mission to help lower rates by one per cent for all $15 trillion of mortgages in America,” founder and CEO Vishal Garg said. “With interest rates set to increase in years to come, homeowners have an opportunity in 2018 to lock in savings opportunities through Better’s Refi program. Rate hikes combined with unexpected challenges that the next tax plan could create might even be more of a reason for homeowners to take advantage of low interest rates while they can.”
To help guide homeowners through refinancing, Better has launched the Better Savings program, which automatically identifies whether homeowners qualify for discounts based on eligibility for affordable lending programs. Now, through an online process, homeowners can check whether they can benefit from both reduced interest rates as well as unique savings opportunities that might be available to them. Better uses advanced matching technology to identify these opportunities.
“We speak to homeowners everyday and it’s pretty mind-boggling how few of them never actually realized they had access to program discounts,” head of loan origination John Moffat said. “Over time, all those hundreds of dollars can significantly add up.
“Our whole goal is to ensure that homeowners are getting every opportunity to save when they’re refinancing their mortgage, from the interest rates to discounts to transaction costs. Better is also focused on helping educate borrowers so that they can move through the refinancing process faster and with confidence.”
Better’s new “Better Guide to a Mortgage Refinance” is now available to consumers considering the potential pros and cons of refinancing. A step-by-step guide, this new read walks homeowners through types of refinances, how to shop for a mortgage, what bait-and-switch tactics to watch out for with traditional mortgage brokers, and what costs to expect beyond the mortgage itself.