Lower launches HomePass

Lower, which provides a range of services for existing and future homeowners, has launched HomePass to help homebuyers, particularly first-time homebuyers, “win through cash offers.”

The program allows buyers to offer cash upfront while financing behind the scenes, guaranteeing an on-time close for sellers. With this new addition, Lower is entering the space of Ribbon, Knock and others.

Founded in 2018, Lower offers mortgages, refinancing, and homeowners insurance. Last year it raised $100 million from Accel.

“The barriers to enter the market for first-time home buyers are higher than ever. Pair that with current homeowners who are crippled with concern that if they sell their home, they won’t find another, and we knew we had to solve this pain point for consumers. The home buying experience is complex, and while we don’t have control over the rising rate environment, we can lower the stress in the bidding and financing process.” – Lower co-founder and CEO Dan Snyder.

As an aside, I took a look at the company’s home insurance flow.

Here’s how it started:

Here’s how it ended: