Lower offers “everything you need to buy, sell, insure, and save for a home in one place for less”; aims to lower barriers to homeownership
Lower, the millennial and Gen-Z-focused home buying platform, today announced the launch of its mobile app featuring the new, first-of-its-kind deposit account called “HomeFund™.”
The interest-bearing FDIC-insured deposit account is designed to help consumers make progress on their home buying journey with a dollar-for-dollar match in “HomeCash™” rewards up to the first $1,000 saved. The account provides additional incentives in the form of bonus “HomeCash” earned through an exclusive rewards experience and a generous 0.75% Annual Percentage Yield - currently twenty-five times higher than the national deposit rate average for interest checking accounts.
“We’re excited to launch our mobile app with HomeFund, the first dedicated home savings account with a match,” said CEO Dan Snyder. “We’ve already helped tens of thousands of families buy homes, but we found that a lot of the people who applied to Lower weren’t quite ready to buy. We believe we’ve created a unique product that will put more people on a faster path to homeownership, which is the greatest wealth creator for most families and individuals in the U.S.” HomeFund is built on the API-based payments processing platform provided by Galileo Financial Technologies® and accounts are held at Evolve Bank & Trust in Memphis, TN. “We believe in Lower’s mission to democratize wealth creation by helping more Americans buy and own homes,” said Galileo CEO Clay Wilkes. “We’re honored that they’ve chosen Galileo’s flexible and customizable API platform to build their innovative HomeFund savings account, and we look forward to working with them as they grow.” Lower’s goal is to offer the customer the best experience and the most cost-effective journey to homeownership through four key differentiators:
• Bundled approach: Lower has bundled the experience by owning every vertical in the process. Lower is the lender, the loan servicer, the insurance broker, and the deposit account, which enables it to help more buyers and owners.
• Advice: the lynchpin of Lower’s approach and efficiency is a conversation with a human to identify and define each person’s unique circumstance and build a customized path toward homeownership for them.
• Design: An intuitive interface with a quick and easy credit score check, that’s simple and easy to use.
• Execution: Lower is laser-focused on customer experience, with 10,000 five-star reviews in less than two years.
“While student loan debt and skyrocketing housing prices have led some to speculate that millennials will rent long-term rather than buy, in fact, millennials make up the largest percent of the homebuying population - 38% - and 85% of millennial renters have prioritized buying a home in the next three years,” Snyder noted. “57% of Lower buyers are first-time homebuyers, and GenZ homebuyers are twice as likely as others to use a digital platform for a loan.” To read the release on the news wire, click here.
Lower makes the process of buying a home simple and fast. Its ecosystem provides homebuyers with multiple product funnels they need to find and finance a home, buy or sell a property, or match into a savings account, all while receiving personal advice along the way. Lower works with more than 35 major insurance carriers nationally including Nationwide, Liberty Mutual, and Allstate. The company has funded more than $2 billion in loans, helping tens of thousands of families become homeowners and start building wealth more quickly. To learn more, visit www.lower.com.
https://www.fdic.gov/regulations/resources/rates/ Lower is an Equal Housing Lender. NMLS ID #1124061. Visit nmlsconsumeraccess.org for licensing information. Accounts are held at Evolve Bank & Trust, Member FDIC. For more information about the HomeFund account and disclosure details please visit www.lower.com/save.
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