Better.com Becomes the Fastest-Growing Digital Home Equity Lending Provider — Scales Home Equity Product Growth to $60M Per Month
Diversifying its digital product suite, Better partners with mortgage brokers and lenders to scale home equity solutions
Better Home & Finance Holding Company (NASDAQ:BETR) ("Better" or "Better.com" or "the Company"), the leading digital homeownership company, today announced record growth in its Home Equity Line of Credit (HELOC) and Home Equity Loan (HELOAN) business, scaling loan volume 400% from $15 million per month in January 2024 to $60 million per month by October 2024. This acceleration establishes Better as the fastest-growing digital home equity lender in the market.
As traditional mortgage demand fluctuates, Better's suite of home equity products helps strategically diversify its lending volume segments and helps homeowners access fast and flexible home equity lending solutions across market cycles. Better's implementation of Betsy™ — the Company's voice-based AI loan assistant — into its product funnel has since facilitated its home equity lending growth, cutting response times from hours to seconds while operating 24/7, 365 days a year with greater speed and cost efficiency than traditional lenders or mortgage call centers. The Company's lending volume is also fueled by strategic partnerships with mortgage brokers and lenders who leverage Better's technology and capital to offer HELOCs and HELOANs under correspondent and white-label arrangements.
Speed remains a core component of Better's differentiating value proposition with its home equity products including One Day HELOC™, which moves a qualified applicant through the underwriting process to deliver an underwritten approval within 24 hours. Better has also expanded access to home equity solutions by broadening underwriting criteria, which helps homeowners with second homes and investment properties, self-employed individuals, and small business owners who often struggle with traditional lending requirements to access their home equity with greater speed and convenience — and typically at a much lower interest rate than personal loans or credit cards.
"Whether for renovations, debt consolidation, business needs, or unexpected expenses, one of the greatest advantages of becoming a homeowner is the ability to tap into your home's equity when you need it," said Vishal Garg, CEO of Better.com. "As the fastest-growing digital home equity lender in the market, we understand that need and will continue to demonstrate speed, ease, and efficiency – the same differentiators which power our One Day Mortgage™ product – to homeowners when they need to access their equity."
In addition to its online presence, by partnering with mortgage brokers and lenders, Better is not only scaling its home equity business but also enabling industry partners to offer cutting-edge digital solutions without the costly requirements of building in-house infrastructure. This collaborative model ensures that more homeowners across the country can benefit from a seamless, fast, and tech-driven borrowing experience.
For more information about Better's home equity offerings or to apply, visit better.com/HELOC and better.com/home-equity.
About Better.com
Since 2016, Better Home & Finance Holding Company (NASDAQ:BETR, BETRW)) has leveraged its industry-leading AI platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. In addition, Betsy™, the first voice-based AI loan assistant built exclusively for the mortgage industry, is revolutionizing the homebuying journey by delivering timely application status updates to consumers, as well as answering questions and helping move their loan application along 24/7. Better's mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Better launched its "One Day Mortgage" program in January 2023, which allows eligible customers to go from click to Commitment Letter within 24 hours. Better was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, ranked #1 on LinkedIn's Top Startups List for 2021 and 2020, #1 on Fortune's Best Small and Medium Workplaces in New York, #15 on CNBC's Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. Better serves customers in all 50 US states and the United Kingdom.
For more information, follow @betterdotcom.
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