Home Finance Platform Lower has funded billions of home loans and wants to go global

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In June, based in Columbus, Ohio Inferior, a home financing FinTech, raised $ 100 million in a Series A funding round, led by Accel. Ohio is not known to be a technological hotbed like New York or the Bay Area and then. Lower said the funding was one of the largest FinTech companies to raise a Series A and the largest Series A round ever raised by an Ohio company. A notable achievement.

Although it is primarily a mortgage platform, Lower offers additional services like a savings option with its home fund feature. Lower also operates under several brands of Homeside Financial, AMSW Lending, Fairfax Mortgage, Key Mortgage Group, Lakeside Mortgage, Oz Lending, Q Home Loans and True Lend as well as Lower Realty, LLC providing real estate services; Lower Insurance Services, LLC, a home insurance marketplace.

Founded by Mike Baynes, Robert Tyson, Grayson Hanes, Chris Miller and CEO Dan Snyder, Lower is profitable and says it is growing rapidly, targeting younger homebuyers and those looking to refinance a loan.

To date, Lower has facilitated more than $ 3.5 billion in loans and the domestic market is hot in part due to low interest rates and the remoteness of urban centers to homes and communities where there are. has more space. Recently, a Crowdfund insider received an update from Snyder on his business and performance as the country begins to focus on a post-Covid environment.


Lower promotes lower interest rates for mortgages. Are you the direct originator of loans? How are your rates better?

Dan Snyder: Yes. Because Lower has all the verticals, they are able to offer lower rates. Lower doesn’t need to pay overhead like many traditional banks, so they can focus on offering a lower rate to the consumer.

You are based in Ohio, are you present across the country? Where is most of your stuff? Do you primarily facilitate first mortgage loans?

Dan Snyder: Lower is licensed in 42 states along with the Midwest and Mid-Atlantic [being our largest markets]. Yes, [mainly first mortgages].

In total, how much have you funded in mortgages? What is the percentage of Refis?

Dan Snyder: Lower has funded billions of loans each year, doubling year on year, helping tens of thousands of families buy homes. 63% are refits. They are only scratching the surface with the number of clients we help build wealth and save money.

Until recently, you were using Lower. How much of your own money (and co-founders) did you commit to Lower?

Dan Snyder: After crossing $ 300 million in revenue and doubling revenue year over year, the Lower co-founders launched one of the largest fintech companies to raise a Series A and the largest Series A ever. raised by an Ohio company.

What about insurance. How popular is this service?

Dan Snyder: All Lower customers receive an insurance quote and the popularity of the service continues to grow. Lower knows that consumers appreciate the one-stop-shop aspect of our platform, which includes a way to protect their greatest asset in the insurance market.

You also offer paid accounts. Are consumers using this feature?

Dan Snyder: Since the launch of HomeFund app in December, there were over 54,000 downloads.

The APY is 0.75% which is much larger than other interest bearing accounts. Lower wants to help consumers buy a home by saving for their down payment. Lower also offers HomeCash, dollar-for-dollar matching up to $ 1,000 that can be used for fees.

The online mortgage industry is quite competitive. How will you maintain your advantage over time?

Dan Snyder: First, we care a lot about our customers. We believe consumers want to have a partner throughout the real estate finance process, so we have a holistic approach to the market rather than a piecemeal approach, where we just do mortgages or just insurance.

Second, we care a lot about the product. The best product in this market is a combination of something that is as digital as it gets, but also has a human touch, because this is such an important transaction, possibly the most important in the lives of many of our people. clients. So we have tried to design the flow of the app in such a way that you can go as far as possible in the app, but if you want to talk or chat with someone at any time, we are available.

Third, we care a lot about cultivating and creating the best tech company to work for in the Midwest. We are already a leading employer in Ohio and across the country and we look forward to continuing this positive growth as part of our fundraising.

All of this translates to over 16,000 reviews with a five star average, so I think it’s just the result of caring a lot about our customers, our products, and our people.

What other features do you envision in the future? Will you add other banking services?

Dan Snyder: Lower’s co-founders are going to continue to run this business profitably, but now is the time to get some share. We work with Accel, which has a track record of partnering with some of the best fintech companies in the world and also works with companies that have a similar history to ours, such as Atlassian, Qualtrics, and Galileo. Lower has the same DNA.

Lower wants to become a global brand, raise funds and gain market share by continuing to double its products and expand its capabilities. Lower is FinTech’s best kept secret and plans to change that with smart branding, advertising and sponsorships. We also want to invest in the local Columbus ecosystem like Rocket did in Detroit. Lower has teamed up with local MLS team Columbus Crew to name their new home stadium. It will also help build their team which is really important to them.


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