Move is in line with company’s goal of making home buying and appraisal process more accessible
Digital mortgage lender Better has launched a new service that gives its customers an advantage when buying a new home by arming them with cash and allowing them to waive their appraisal contingencies.
The new service, Better Appraisal Guarantee, provides mortgage applicants and prospective homebuyers with cash offers so they can lock their terms online in approximately 15 minutes or less. With the guarantee, Better will finance a primary owner-occupied residence and an agency-conforming mortgage loan (less than $822,375 with at least a 10% down) regardless of the final appraised value of the property.
Read more: Online mortgage lender Better buys UK-based broker Trussle
Better said that the guarantee leverages its realtor-matching and investor-matching platforms to assess where the value of the house will likely appraise relative to the purchase price. The Appraisal Guarantee is available in every market with a Better realtor and where Better mortgage is licensed to do business – except in Hawaii, Nevada, and Massachusetts.
“Better’s mission is to make homeownership more accessible. Traditional appraisal policies and practices deter minorities, the LGBTQ communities, and others from buying homes and building wealth for themselves and their families,” said Better founder and CEO Vishal Garg. “We are doing this because it is the exact right thing to do for our customers. With Better Appraisal Guarantee, customers can make offers with confidence, allowing them to waive an appraisal contingency to strengthen their offer without overpaying.”
