Getting to Know Own Up

This post is written in paid partnership with Own Up.

Though I don’t want to rush through the end of the year (jk I kind of do), I keep catching myself looking ahead to 2021 and what I hope it will bring– health and safety for all, a chance to see our loved ones (soon and safely please!), and a return to the routines we’ve been missing.  And while I think about what I want, I can’t help but be overwhelmed with gratitude for what I have.  

As I sit here writing this at my desk (in the little office space I carved from the kids’ playroom), Nick is upstairs on a work call, Grace is in her own space participating in remote school, Nicky’s playing hockey in the basement, and Birdie is curled up and snoozing in a sunny spot in the kitchen.  While I’m most grateful that we are all healthy and well, this home of ours is a close second on my gratitude list.  When we moved from the city two years ago, never did I expect we’d be in the throes of a pandemic, spending all of our days and nearly all of our time working, learning, and playing here.  We worked hard to make this happen, but our timing was pure luck.  

I know several of my friends are working to become homeowners in 2021, or exploring refinancing, and I hope that sharing my experience, as well as the free services Own Up provides, will help even a little bit.  We’re all about transparency and vulnerability over here.

Nick and I have been through the homebuying process before, both in Boston and on the Cape, but mortgages (and money, in general), has never been my area of expertise (like, not even close). I knew where to find the right paperwork (pay stubs, bank statements, and the like) but then did my best to blend in with the office furniture after that.  I deeply appreciate that Nick has such confidence and competence when it comes to our important (and unimportant) financial transactions — and that he gently pushes me to talk it all through. I love knowing that both Grace and Nicky will grow up with that confidence and ease.  Looking back, I wish I had been more engaged in, and more curious about the process.  And I suppose I wish the process itself had been more transparent, invited more questions, and provided more choice.  

For me, the greatest source of fear is lack of information. So in thinking about how I could have felt more engaged and confident in those past experiences, there were four things in particular about Own Up that caught my attention:

• A commitment to radical transparency
• Honesty about money (specifically: how they make their money)
• Ease of use (I went through their refinancing process myself, so… I’m basically an investigative reporter now…)
• They’re a tech company, not a bank (no offense to banks, but also… offense to banks)

Founded by former mortgage bankers, Own Up uses technology to support homebuyers and simplify the home financing process.  Rather than blindly following the one recommendation your mortgage broker makes (that’s kind of how it usually goes), Own Up’s online tools help you evaluate lenders, compare loan offers from their marketplace of lenders, and make the best possible choice based on your specific situation.  Buyers are encouraged to shop and compare — a radical departure from traditional mortgage banking.  Own Up even provides updated pre-approval letters on-demand.   The questionnaire (the initial step, whether you’re buying or refinancing) includes a soft credit inquiry, which does not require a social security number, nor does it affect your credit score.  

In addition to really great online tools, Own Up provides the support of real, live people in their dedicated home advisors.  Following their online questionnaire, the next step is a 7 minute review call with a home advisor (you can get the full run down on the goal of these calls here). After completing my questionnaire, I had a chance to connect with Caroline McCarthy, who gave feedback on my answers and made a recommendation based on our current mortgage and goals (and, in a perfect illustration of their commitment to their transparency and honesty, ultimately recommended we shouldn’t refinance).  Had we gone ahead with a new mortgage product, I would have counted on Caroline to walk me through the process (they call it being a co-pilot, which I’m into).  

That unbiased, human element is what impressed me the most.  And not for nothing, it was really nice to talk finance with a woman.  Half of Own Up’s home advisors are women, and 25% are people of color.  I appreciate that they have been very upfront about the racial disparities that exist in our society– including in home lending.  By anonymizing all identifying data (including names), Own Up is able to ensure lending decisions are based solely on the borrower’s credit profile and property information.  

Own Up is totally free to use — if you choose a mortgage from one of their lenders, they earn a flat rate of 0.40% (paid by the lender) of the loan amount across every lender and loan type (i.e. they won’t push you to borrow more, or recommend a specific product or lender in order to earn more themselves…).  I encourage you to check them out if home-buying or refinancing are in your plans for 2021, or even if you’re simply curious. 

Having more options, being better informed, and feeling fully supported? Sign me up.

Also On Tap for Today:

• Getting a few more presents out in the mail to family + friends
• Baking up a storm with the babes (spiced banana muffins + another batch of chocolate chip/potato chip cookies
• Trying to be better about enforcing the No Birdie on the Sofa rule

What are some big goals you’re working toward in the New Year?