Better.

Better.com, legally known as Better Home & Finance Holding Company, operates as a digital-first homeownership company aiming to simplify the mortgage process. The company was founded in 2014 by Vishal Garg, who was motivated by his own frustrating and prolonged experience when trying to secure a mortgage for his family's home. Officially launched in January 2016, the platform was built to digitize and streamline the traditionally complex and paper-heavy mortgage application process.

Garg, a serial entrepreneur with a background in finance and technology, previously co-founded MyRichUncle, an online student loan provider that went public in 2005. His experience in leveraging technology to bring transparency to lending industries fueled the creation of Better.com. The company is headquartered in New York City and became a publicly traded company in August 2023 through a merger with a special purpose acquisition company (SPAC).

The firm's business model is centered on a direct-to-consumer approach, eliminating the need for commissioned loan officers and brokers. This structure allows borrowers to apply for loans, receive rate quotes, and sign documents entirely online, significantly reducing the time for pre-approval, in some cases to just a few minutes. Revenue is primarily generated not from commission fees, but by originating mortgages and then selling these loans to end-investors in the secondary market, which includes entities like large banks and government-sponsored enterprises such as Fannie Mae. Better.com also earns income from ancillary services offered through its affiliates, including title insurance and homeowners insurance.

The company's core offering is its AI-powered digital mortgage platform, Tinman, which automates much of the loan process. This technology facilitates a faster and more efficient experience for customers seeking to purchase a home or refinance an existing mortgage. The platform provides a range of mortgage products, including conventional, FHA, and VA loans, as well as home equity lines of credit (HELOCs). A key feature is the "One Day Mortgage," which aims to provide a commitment letter to eligible customers within 24 hours. Beyond mortgages, the company's ecosystem includes services for real estate, title insurance, and homeowners insurance, creating an integrated homeownership platform.

Keywords: digital mortgage, online mortgage lender, homeownership, fintech, mortgage refinancing, home equity loans, real estate technology, proptech, mortgage origination, secondary mortgage market, Vishal Garg, title insurance, homeowners insurance, direct-to-consumer mortgage, AI mortgage platform, online lending, home financing, mortgage rates, mortgage pre-approval, real estate services