SAN FRANCISCO, June 7, 2019 /PRNewswire/ -- HOVER, the world class technology that transforms smartphone photos of any property into an accurate 3D model, today announced a partnership with Mosaic, to give contractors the ability to offer their customers access to financing for home remodeling projects. Access to Mosaic is integrated into the HOVER platform, creating a one-stop-shop for homeowners and contractors to create a 3D property model, get accurate measurements and estimates, visualize the home exterior enhancements, and finance the cost of the final project.
According to FINRA, in 2015, approximately 57 percent of consumers were financially fragile and would struggle to write a check for $2,000 or more. Comparatively, the average cost for replacing a roof is $6,838. With financing options, homeowners now have more flexibility to not only make necessary home improvements, but also aesthetic ones. In fact, 76 percent of consumers are more likely to make a purchase if a seamless and simple payment plan is offered. By financing through Mosaic on HOVER, homeowners avoid the expense of high interest credit card payments while choosing affordable monthly payments with more buying power to make their remodeling vision a reality.
"We finance nearly every other big purchase in our lives - from vehicles to mattresses - so it only makes sense to offer a payment plan on major home improvement projects," said Spencer Warden, Sr. Director of Business Development at HOVER. "However, many contractors do not currently offer financing options because they do not know what rate plans are best for their customers. We want to close that gap."
With this integration, HOVER extends contractors the benefit of instant pre-qualification decisions through a soft credit check and a seamless, paperless process on the Mosaic platform. Homeowners will see the pricing options that they qualify for without causing negative impacts on the homeowners credit score.
"We're excited to partner with HOVER to bring homeowners personalized financing options for their home renovation projects," said Chris Philips, VP of Home Improvement Lending for Mosaic. "Consumers crave options, and providing flexible payment plans makes projects more affordable and gives homeowners choices besides 'yes' or 'no'."
For more information on the offerings featured in HOVER's platform, visit www.hover.to.
HOVER transforms smartphone photos of any property into an accurate, interactive 3D model, giving homeowners the power to unlock the true potential of their largest economic asset. Thousands of exterior contractors are using HOVER to save time and money on every project, establish instant credibility and close more business. HOVER's insurance industry customers use the up-to-date measurements to reduce claim adjusting costs, decrease cycle times, and improve the overall customer experience. HOVER is backed by Google Ventures, Menlo Ventures, Standard Industries and The Home Depot, and has raised $87 million in funding to date.
Mosaic makes the modern home possible by providing a financing platform for home improvement projects, including generating and storing solar energy and other smart upgrades. Mosaic empowers solar and home improvement professionals to deliver financing through a simple point-of-sale app creating a hassle-free and positive experience for both the contractor and homeowner. Since 2012, Mosaic has originated more than $2 billion in loans across the US. Mosaic has been honored by Fast Company as a Top Ten Most Innovative Company in Energy for two consecutive years. All Home Improvement Loans made by WebBank, Member FDIC. For more information, visit http://go.hover.to/hover-mosaic-blog.