Online Lender Re-engineered its Platform to Offer Lower Rates
CHICAGO, Oct. 18, 2023 - To address the lowest level of housing affordability since 1984, Owning has re-engineered the entire company with one goal in mind: to offer the lowest rates possible. Everything has been turned upside-down to eliminate unnecessary overhead and relentlessly drive down costs. The result was a new mortgage platform that produces rates that are typically .5% lower than other lenders and often even more. On a $400,000 home, the savings on a 30-year fixed mortgage would be over $1,270 per year and more than $38,000 over the life of the loan.
The key is focus. Rather than trying to be all things to all people, Owning focuses specifically on conforming loans up to $750,000, and borrowers with credit scores above 640 and no self-employed income. The platform is an integrated system that all works together. Proprietary technology handles as much of the loan processing as possible, and the process is streamlined to maximize efficiency. Owning provides 24-hour fully underwritten approvals and can close in ten days or less, offering the Owning Closing Guarantee that customers will close on time.
Jason Bateman, the General Manager of Owning, stated, “We wiped out massive costs that other lenders have such as loan officer commissions, all sales leadership costs, traditional processing, and underwriting costs. We don’t do high-cost jumbo loans. We eliminated the expense of offices and all associated costs of running them. And we did all of this while improving the speed to get loans approved! We are the challenger mortgage company that we believe is by far the best option for someone buying a home."
Bateman added, “With our low rates, we’re typically helping customers get $30,000 more in buying power to put toward the price of the home that they can buy. If they’re focusing on payments and rate, we are typically a half a percentage point less than our competitors, which generally equates to over $1,000 of yearly savings.”
About Owning
Owning, a technology-powered mortgage lender licensed in 44 states, offers low rates that are typically .5% lower than other lenders. Owning focuses on conforming loans up to $750k and buyers with credit scores above 640 and no self-employment income. By leveraging a fully digital mortgage platform and streamlining the mortgage experience, Owning can provide 24-hour fully underwritten approvals along with the Owning Closing Guarantee. For more information, please visit www.owning.com.
SOURCE Owning
