Are you looking to shop for a home loan without having to get bombarded with unwanted phone calls or emails by salespeople? That is where Own Up comes in. They are a technology-enabled company that makes it fast and easy to comparison shop for your mortgage and meet your home financing or mortgage refinancing needs. In this Own Up review, I will share my own thoughts and opinions.
My Experience with Using Own Up
I tried Own Up myself and really enjoyed my experience! I filled out their quick-to-complete questionnaire and then spoke to a licensed Home Advisor named Rachel.
I had many questions because I am new to refinancing my home. She listened to everything I had to say and gave me sound advice.
I liked that only one person contacted me instead of being bombarded by several lenders. Rachel said that Home Advisors at Own Up act as a liaison between the lender and the customer.
Whether you are buying your first home, second home, or an investment property, or refinancing a mortgage, this Own Up review can help you compare the best mortgage deals and find the right loan that best fits your situation.
They make the loan process faster and easier while saving you time and some serious money. Own Up customers consistently save about $27k over the life of their loan.
What is Own Up?
Own Up acts sort of like a broker, but with more transparency that helps borrowers determine whether they will be approved for a home loan, i.e., a mortgage, and how much they can borrow. They allow you to compare lenders and actual pre-qualified loan offers from their marketplace of top local and national lenders.
Own Up does not provide financing. Instead, they match customers with top-rated lenders within their marketplace and help them compare offers and choose the loan that best suits their home financing or mortgage refinancing needs.
They also give every customer a dedicated “Home Advisor” who offers clear, unbiased guidance until you close your loan. Because Own Up is paid a flat fee across every lender and loan in their marketplace, they can help you choose the best mortgage for your goals instead of being biased towards any single option they offer.
How does Own Up work?
If you have decided to use Own Up, you need to complete a free personal profile on the Own Up website. It took about 5 minutes for me to create an online profile that was secure and anonymous.
The good thing about Own Up is that the company does not require you to enter your Social Security Number (SSN) to use their service. I really love that because it can be dangerous to enter your SSN online due to cybercriminals.
Once you complete your secure and anonymous online profile, their technology determines if you qualify for loans in their marketplace, and if you do, the next step involves scheduling a call with an Own Up Home Advisor to discuss your mortgage goals and how the loan process works. Your licensed Home Advisor will offer clear, unbiased guidance the whole way.
Next, you can see what deals you qualify for using their simple online tools, and then compare lenders, and see your pre-qualified rates and fees in real-time on their platform and select the lender that you like the best.
They can deliver personalized offers based on your financial profile but without requiring you to enter your SSN to use their service. They only perform a soft credit inquiry, so your credit score is not affected.
You will then be able to compare lenders, and pre-qualified loan offers from the Own Up network. If you choose one of the lenders from the Own Up network, apply to that lender by filling out their online application.
The lender you select will then process, underwrite, and fund the loan in a typical fashion. Your Home Advisor will offer clear, unbiased guidance every step of the way.
Why use Own Up to get a mortgage by the lender?
Own Up is always completely free to use, as they are paid a fee if you close your loan with a lender in their marketplace.
Whether buying a home or refinancing a mortgage for any property, Own Up makes the process faster and easier while saving you time and money.
If you choose to get a mortgage from one of their lenders, that lender will pay them 0.40% of the loan amount, which is much less than what lenders pay their own salespeople.
By charging their lenders less, they enable the lenders in their marketplace to pass the savings on to you in the form of a lower interest rate and lower costs.
Additionally, Own Up negotiates terms with their lenders, so you do not have to. In other words, you can get a mortgage at a lower mortgage rate via Own Up. If you just use their service for the advice and to shop, but don’t choose a loan from their marketplace, that works too! Own Up’s goal is to help you find a better deal on your mortgage, whether they offer it or not.
What types of loans do Own Up lenders offer?
As mentioned earlier, Own Up acts like a mortgage broker or marketplace, so they do not offer to finance. But Own Up lenders provide just about any home loan available out there on the market, such as a home purchase loan or a refinance loan, along with a fixed-rate mortgage or an ARM.
Lenders in the Own Up marketplace offer a variety of down-payment options, including low down payment loan programs like FHA loans, VA loans, and so on.
You can get a home loan through an Own Up lender to buy a single-family home, multi-family home, condo, or townhouse. They also offer the ability to download customized preapproval letters for any amount up to your qualified maximum, on-demand.
Should you use Own Up?
At Own Up, the company’s goal is to save you time and money, whether buying a home or refinancing a mortgage for any property. They make the process of shopping for a home loan faster and easier, without any spam, sales pressure, or even a hard hard credit check.
Own Up makes it easier to save you time and money by skipping the mortgage shopping hassle and a home loan that best suits your needs whether you are buying your first home, second home, an investment property, etc.
They can help you with refinancing a mortgage for any property, too. They can refinance your mortgage to take cash out of your existing property or refinance into a different rate and term that suits your needs.
Checking the rates and terms you qualify for through Own Up does not affect your credit score, as the platform performs a soft credit inquiry that, unlike a hard inquiry, does not affect your scores.
Own Up is completely free to use. They are paid a fee by the lender that you close your loan with within their network. All costs associated with the loan are clearly listed on the offers page.
You can shop anonymously with Own Up and decide not to use their partner lenders if you do not like what you see.
If you do not want to use one of their lenders, you can still use their online tools to negotiate better terms from another lender, so they could be worth using.
If you choose one of the Own Up lenders, they get better terms with that lender because they lower the cost for the lender to find a customer.
In summary, if you want to shop for the right mortgage, Own Up makes it easy to do so without working with multiple banks and getting bombarded with unwanted phone calls or emails by salespeople.
Final thoughts – Own Up Review
Overall, Own Up can help you save time and money whether you are buying a home or refinancing a mortgage for any property, Own Up makes the process of shopping for a home loan faster and easier.
You can even use the loan offers from Own Up marketplace lenders to see that your existing lender is not overcharging you. As you can see, there is nothing to lose and lots to gain by getting multiple offers from lenders in the Own Up marketplace.
Have you used Own Up? Let us know in the comments!
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This is a sponsored post for Own Up. All opinions and thoughts are my own.