The fintech allows customers to make cash offers while working with their preferred real estate professional.
COLUMBUS, OH – Amidst a growing number of cash offer products, Lower.com, the multi-channel fintech aimed at creating wealth through homeownership, is launching MortgagePass™ to help customers get their dream home with that it refers to as the ultimate cash offer, while continuing to work with their preferred real estate professional.
“We recognize the immense value real estate agents bring to this transaction. All too often, customers are forced to unhook from their agents or pay an additional fee to retain their agents in order to offer cash on a home,” said co-founder and CEO Dan Snyder. “We want our customers to benefit from the expertise of their local agents while also gaining the competitive advantage of offering cash, as nearly a third of purchases are cash offers.”
Through the program, customers will be pre-approved for a mortgage through Lower.com. Then, they can shop for a home and place an offer that is backed by cash. They will continue to finance as normal, and if it gets delayed, Lower.com will purchase the house in cash. Once financing is complete, Lower.com will sell the home to the buyer for the original purchase price.
Customers who use MortgagePass™ also have access to a simple application and tech platform, low fees, and the ability to choose their own loan term, in addition to their own agent. They’ll also get access to extended rate locks and if rates drop, they’ll be lowered for free.
“Giving customers a smooth experience with more certainty is our top priority. We want them to feel at ease during the process and focus on finding the right house, not on financing,” said Snyder. “We also want them to know that if the market changes, they’ll still get the best deal and won’t miss out on lower rates.”
MortgagePass™ is launching in Columbus with plans to quickly expand throughout 2022.
Lower’s multi-channel fintech platform helps consumers build wealth through homeownership, no matter where they are in their life’s journey. Our products for mortgage, banking, insurance, and real estate provide customers with an intuitive ecosystem to simplify their homeownership goals, whether it’s their first home or their last. Lower is a national and local best place to work, and the naming rights partner of Lower.com Field, home of the Columbus Crew.