Facing historic inventory lows and unprecedented appreciation, multichannel fintech firm Lower.com has launched HomePass to help homebuyers, particularly first-time homebuyers, win through cash offers. The program allows buyers to offer cash up front while financing behind the scenes, guaranteeing an on-time close for sellers and making the buyer’s offer more attractive.
“The barriers to enter the market for first-time home buyers are higher than ever. Pair that with current homeowners who are crippled with concern that if they sell their home, they won’t find another, and we knew we had to solve this pain point for consumers,” said Co-founder and CEO Dan Snyder. “The home buying experience is complex, and while we don’t have control over the rising rate environment, we can lower the stress in the bidding and financing process.”
HomePass offers paths for both first time homebuyers and current homeowners. HomePass for First Time Home Buyers helps preapproves buyers for a mortgage, allowing them to know what they can afford. When buyers find homes, they can make an all-cash, non-contingent offer, financed through HomePass. Current homeowners seeking to buy can access Move First for Homeowners and receive the same benefits; in addition, HomePass will assess their current homes, allowing them to know their current equity, which they can use to pay down the current home and make a down payment on a new one. The company will then prep and list the home.
“Arming buyers with the most aggressive tools will help them stand out and will be the differentiator this year,” said Snyder. “On top of that, we’re alleviating a lot of stress for current homeowners, which we anticipate will help open up inventory and move us to a more right-sized market.”
HomePass is available in select markets with plans to expand throughout 2022.
