New Lower™ Uses Artificial Intelligence to Help Homebuyers Make Smarter Mortgage Decisions
Named for its lower rates and payments, Lower is the first to compare thousands of data points and past loans to give borrowers a personalized loan recommendation
COLUMBUS, Ohio, Dec. 13, 2018 /PRNewswire/ -- Lower, a technology company aimed at improving the online mortgage and refinance experience, today announced the launch of its company and internal, proprietary artificial intelligence (AI) technology. LOAiTM is a first-of-a-kind mortgage recommendation engine that uses AI to analyze thousands of data points and past loans to instantly provide loan advisors with personalized loan selections.
With nearly two-thirds of Americans expecting to be able to apply for a mortgage and complete the application process online (source: Ellie Mae®, March 20, 2018), homebuyers that get their loans online might not know if they are getting the best loan possible. Lower aims to improve the process by assuring homebuyers that the loan they are getting is the best loan possible.
"The online lending process is broken. Self-service works for selling socks, but not for a life-changing decision like a mortgage," said Dan Snyder, CEO and founder of Lower. "Unlike other digital lenders, we use technology to boost the expertise of our loan advisors, not replace them. We arm homebuyers with technology, transparency and data so that they can feel confident they are making the best decision possible."
Lower also offers modern homebuyers with a simple application that can be completed in minutes on a desktop or mobile browser. By answering a few straightforward questions in a conversational format, potential borrowers can get a personalized loan recommendation without the need to complete lengthy online forms or find, scan and submit paperwork.
Key Features
- Peace of mind. Lower is the only online lender with a personalized mortgage recommendation engine that uses AI to analyze thousands of data points and past loans to instantly provide a personalized loan recommendation.
- Lower rates. Our virtual loan officer assistant and centralized location reduces overhead. That's real savings we then pass along to borrowers.
- Intuitive, digital application. Lower's digital application tool, PersonalApply, is optimized for desktop and mobile and makes applying conversational, with no confusing forms. The entire application process only takes 5-10 minutes.
- Lower monthly payments. For refinancing, Lower offers higher loan-to-value ratios, allowing borrowers to refinance more debt, and pay off what they owe faster, with significantly lower payments.
- Free refi for life. When a borrower buys or refinances with Lower, they also get a long-lasting perk – no lending fees on future refinances, for life.
- 24/7 text, call or email. Banks shut down at the close of business, but we don't. Our loan advisors are here every step of the way—borrowers can text, call or email at any time for help.
About Lower™
Based in Columbus, Ohio, Lower focuses on improving the online mortgage and refinance experience by addressing key consumer insights, like lower rates, lower monthly payments and confidence when selecting a mortgage product. Unlike many modern lenders, Lower isn't self-service, but rather enhances the power and accuracy of a loan advisor. Lower was founded by Dan Snyder, co-founder of one of the nation's fastest growing mortgage companies, Homeside Financial. Lower is licensed in 29 states and approved by the Federal Housing Finance Agency as an Equal Housing Lender (NMLS #1124061).
For more information visit us online from your desktop or mobile at www.lower.com. You can also find us on Twitter and Instagram.
SOURCE Lower
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