Salt Lake City startup Homie Is Now Offering Mortgage Loans
There’s a startup in Salt Lake City, Utah called homie. No it’s not some innovative app based loan sharking app, or some cool way to message all of your homies and baes, it’s a technology startup who’s mission is to make the home buying process as painless as possible. Anyone who’s purchased a home in the last, oh, fifty years, knows that both parties saying yes is just the start of a grueling process.
Homie is a real estate startup that eliminates the middle man, or the agent if you will. Whether you’re buying or selling a home, Homie has thought of everything.
For sellers, Homie charges just $898 total. Sellers pay $199 when they sign up with homie and $699 when their home goes under contract. If the contract falls through for some reason, Homie refunds that $699. That $699 gets the seller a yard sign, professional photos, a home value report, seller dashboard, custom phone number, tour schedule tool, lead generation tool, digital signature tools, automated contract reminders, provider marketplace and the legal assistance of an attorney. They save families on the average of $8,000 in the home selling transaction.
For buyers Homie is free. They give buyers a home buying guide that walks them through the whole buying process, home value reports, an automated tour scheduler, offer creation tools, thousands of local listings, and much more. and now, they’re even offering mortgage services.
This new service aligns with Homie’s goal to revolutionize the entire real estate industry. Buyers can now get pre-qualified and secure a home loan online through Homie’s software platform.
By streamlining the process and restructuring how loan officers are paid, Homie offers customers the lowest interest rates in the state. On average users will save up to half the typical fees paid to lender’s by using Homie’s loan processes.
“First, Homie cut out agent commissions, now we’ve also cut out loan officer commissions—dramatically changing how much our customers pay to buy or sell a house,” stated Johnny Hanna, Homie CEO and co-founder. “Our goal is to automate the entire vertical, using technology to reduce bloated commissions and traditional transaction costs.”
Homie acquired Utah-based mortgage company Econ Mortgage in mid 2017 to begin offering home loans to customers.
“Saving people money by reducing the costs associated with mortgage loans has always been the goal of Econ Mortgage,” says Phillip Burnett, former owner of Econ Mortgage and now VP of Mortgage Operations at Homie. “Joining the Homie team is a win-win-win for all parties involved — especially for our clients. By continuing to leverage our combined forces we anticipate some major shake-ups to the industry’s antiquated processes.
Homie’s technology driven way to buy real estate is shaking up the market in Utah. They even have real estate behemoth, Berkshire Hathaway worried. Berkshire, owned by Warren Buffet, recently put up billboards in Utah that directly target Homie and their playful name. For Hanna, the Berkshire billboards just further validate their opportunity in the market, which hasn’t seen a significant disruption since Zillow came on the scene eleven years ago.
Homie has brought the home buying experience up to date for millennials who have been seasoned to buy everything online. You can check out Homie here at homie.com