NEW YORK, April 26, 2017 /PRNewswire/ -- After only 30 days into the launch of Better's Verified Pre-Approval Letter, the company has seen a tremendous response from borrowers, particularly first-time homebuyers who are looking for an edge in competitive markets. Homes in hot markets receive multiple offers, but with an underwritten pre-approval letter from Better, qualified borrowers can get their offers in faster and signal more certainty to the seller.
According to borrowers Bruno and Sabrina looking for a home in San Francisco, getting pre-approved with Better.com "really gave us a significant advantage over other buyers, the seller felt much more confident working with us." When asked about the experience, they added, "it's way more than a disruption, it's a r-e-v-o-l-u-t-i-o-n!"
"Our goal is to put customers in control of the lending process, something the industry has never been incentivized to do," said Vishal Garg, Better Mortgage's CEO. "We've actually been able to turn around some Verified Pre-Approval Letters to qualified borrowers in two hours, giving our customers a leg-up when they need it most. This is our first step on the road to near-instant, near-guaranteed approvals using Better's state of the art lending platform."
Since launch, 40 percent of Better's Verified Pre-Approval letter requests have happened between the hours of 6:00 p.m. and 6:00 a.m., when traditional lenders are closed. Better is able to deliver no matter the time of day, even sending one letter to a borrower at midnight on a Friday before they went house hunting that weekend.
What makes Verified Pre-Approval better for buyers:
- It's fast for qualified borrowers, with average turnaround time clocking in at 8 hours.
- It's all online and can even be done on mobile.
- It's at your convenience -- available any hour of the day, any day of the week.
- It's customizable and self-serve. After receiving the letter, a borrower can make an adjustment, generating a new letter instantly provided it's within the parameters of the pre-approval.
About Better: Better Mortgage is a direct lender dedicated to providing a fast, transparent digital mortgage experience backed by superior customer support designed to put the customer back in control of the home buying or refinancing process. From our offices in New York City, we're using technology to change the way people finance their homes, for the better.
SOURCE Better Mortgage