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Better, a digital homeownership company announced the launch of mortgage services in three additional states: Minnesota, Vermont, and Virginia. Better was developed to help streamline the home financing experience. It combines technology with human intelligence to remove fees and commissions.
Better’s expansion into the three states comes as Vermont saw an increase in out-of-state interest in residential sales increase by 79%, and homebuilding in Minnesota is up 50% since March, according to a press release. Additionally, 45% of employers with 20 or more employees in the Greater Capital Region plan to implement a permanent work-from-home schedule post-pandemic.
According to Better, the pandemic also accelerated the shift to e-commerce by two years, with online retail sales in the U.S. increasing more than 30% in 2020 and a change in the home buying experience with 63% of consumers in 2020 making an offer on at least one property without seeing it in person.
“The pandemic has underscored the need for the home finance industry to innovate and digitize, and customers need a company that’s on their side,” said Vishal Garg, CEO.
The announcement comes on the heels of tremendous growth for Better, as the pandemic’s impact has driven demand for Better's digital solution, boasting a 5x increase in invested loan volume over the last year. The company also funded $25 billion in loans in 2020, and $14 billion in the first quarter of 2021.