First-time home buyers get competitive edge in tough market with Lower.com's HomePass™

The fintech will back consumers with cash offers.

COLUMBUS, Ohio, April 19, 2022 /PRNewswire/ -- Facing historic inventory lows and unprecedented appreciation, multi-channel fintech Lower.com launched HomePass™ to help homebuyers, particularly first-time home buyers, 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, in an atmosphere where nearly half a quarter of homes are bought by institutional buyers.

"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

• You get pre-approved for a mortgage, so you know what you can afford to buy.
• You shop for a home, and when you're ready, you can make an all cash, non-contingent offer and win the deal.
• Finance your home through us.
• Move into your dream home!

Move First for Homeowners

• You enjoy all the perks of HomePass™, plus:
• We assess your current home, and you'll know your instant equity amount, which you can use to pay down your current mortgage and make a down payment on your new home.
• After you move into your new home, skip the showings on your current home while we prep and list it.
• Your current home sells for top dollar and you get the proceeds. 

"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.

About Lower
Lower's multi-channel fintech platform helps consumers build wealth through homeownership, no matter where they are in their life's journey. Our products for mortgage, banking, insurance, and real estate provide customers with an intuitive ecosystem to simplify their homeownership goals, whether it's their first home or their last. Lower is a national and local best place to work, and the naming rights partner of Lower.com Field, home of the Columbus Crew.

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-time-home-buyers-get-competitive-edge-in-tough-market-with-lowercoms-homepass-301528149.html

SOURCE Lower