Boston Mortgage Startup Wants to Compare Rates
Boston-based real estate tech startup Own Up, which lets homebuyers compare mortgage rates online, raised $8.5M in Series A funding led by Link Ventures.
Here’s how Own Up works: People who want to buy or refinance their home fill out a profile, answering questions like how much money they’re able to put down, their income and where they’re looking to buy. The service then uses an algorithm based on a universal set of underwriting guidelines to determine what kind of mortgage and lender they’re eligible for. Part of that includes a soft credit check that doesn’t impact a customer’s credit score and does not require a Social Security number.
CEO and co-founder of the company noted that an average Own Up customer will save an average of $20K on their mortgage.