Better Mortgage Launches #SpentOnRent to Increase Awareness of Obstacles to Millennial Homeownership

Today, Better
Mortgage, a digital mortgage company working to improve access to
home financing for a new generation of homeowners, is launching its
#SpentOnRent campaign. Millennials are being shut out from homeownership
— and Better is calling for change. Using the #SpentOnRent hashtag,
Millennials across America will be discussing their own personal stories
about what homeownership means to them.

“At Better, we are committed to expanding access to home finance to all
Americans and believe it’s vitally important to understand the
challenges facing every homebuyer,” said Vishal Garg, CEO and
co-founder, Better Mortgage. “Millennials are not as involved in
homeownership as prior generations. We encourage all Millennials to join
the conversation on social media, using #SpentOnRent, and tell us about
why homeownership is important to you.”

To learn more about how the antiquated mortgage process and bad policy
is impacting Millennials, head to www.better.com/spentonrent.
There, you can participate in a short quiz, which shows how likely you
are to be a homeowner, with the probability calculations based on the
data from the report. The quiz takes into account factors such as age,
race, gender, income, rent-to-income ratio, education, student debt, and
whether or not your parents were homeowners.

Better encourages Millennials to create a video and share their story,
on Twitter, about why they’re a Millennial renter or homeowner, using
#SpentOnRent. One lucky participant will win $5,000 to put toward their
version of the American Dream1. Better has also partnered
with influential Millennial voices, like @alicialquarles,
@RealDoctorMike,
@SamWhiteout,
@KellyChoi,
@Momtrends,
@Shama,
@NotOkThatsOk,
@Sabatier,
@LaGuardiaCross,
@DeniseSolerCox
and @amandaabella,
who will share their own homeownership and rental stories, on social
media.

Alongside the campaign, the Urban Institute, a nonprofit organization
dedicated to elevating the debate on social and economic policy, today
also published a report, funded by Better Mortgage, on low homeownership
rates among Millennials. Based on its own experience in working with
potential Millennial homeowners, Better reached out to the Urban
Institute, to collaborate on the research.

In the report, Millennials were found to face several obstacles to
homeownership compared to previous generations, with minorities
particularly impacted. Click here to download the full
report.

“The private sector needs to play a more active role in advocating for
change, rather than waiting for inventory to free up or the rate
environment to shift,” added Garg. “We will continue to work with public
officials and organizations to discuss policy recommendations, and we
call on private institutions to join us in educating the public and
confronting issues, like financial discrimination, head on.”

About Better Mortgage

Launched in 2016, Better.com is
a full stack mortgage lender digitizing every step of the home financing
process to make homeownership more affordable and accessible. Backed by
Kleiner Perkins, Goldman Sachs, and Pinebrook, Better is focused on
customer advocacy, putting consumers back in control of the most
important financial decision of their lives. Recently named Best
Mortgage Lender for Customer Service by Nerdwallet, Better has an
intuitive online platform, complemented by non-commissioned staff that
guide customers through the process, starting with how much house they
can afford or how much they can save through to close, completely
jargon-free with airtight certainty and the best rate possible. For more
information, follow us on Facebook, Twitter and LinkedIn.

1 Terms and conditions apply. Go to better.com/content/spentonrentrules
for sweepstakes details.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180711005586/en/

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