Buying a home has always been complex, requiring buyers to determine down payments and how those impact monthly mortgage bills, along with closing costs and fees. Kevin Bennett aims to simplify the financial side of this process especially for first-time buyers.
The new fintech platform guides users through the financial aspects of buying a home. Its first product, set to launch on Friday, is a calculator that shows users what they can afford, providing insights into monthly mortgage payments and closing costs based on real-time interest rates and other metrics.
Unlike other mortgage calculators found on sites like Zillow or LendingTree, this platform offers more than just numbers. It helps users assess how easy it would be to secure a loan based on their financial status, whether they should wait to buy, or if they should consider specific loan types.
The platform is currently free to use, with plans to monetize after further product releases, though details were not disclosed.
Bennett explained that, unlike past generations, buying a home today is far more complex. “Our parents bought a $200,000 home with a 20% mortgage, and it was straightforward there was one type of mortgage, and you went with it. Now, with rising home prices, there are numerous mortgage types and complexities, making it a significant financial decision."
After stepping down as CEO from Caribou, an auto loan refinancing startup he founded in 2016, Bennett sought a new mission-driven project. With a family background in real estate, he began exploring the field, consulting recent homebuyers and finding shared frustrations. Many relied on homemade spreadsheets to navigate affordability, reflecting the common pain points in the process.
Bennett had his own experience buying and selling a townhouse in his twenties. Despite selling at the original purchase price, he lost $30,000 due to missed home improvements that could have increased its value.
“There’s no undo button after buying a home,” Bennett said. “It felt like there was a gap in the market, and that this process is more complicated than it was a generation ago.”
He reached out to his friend Chris Baker, a real estate expert and former head of product at EasyKnock, to discuss his idea. They quickly began working together, having their first conversation on November 3, 2023, deciding to team up in January, launching the product in April, and securing a pre-seed funding round in June. Now, they’re coming out of stealth mode.
“Our goal is to simplify the complexity and help people understand exactly what they need to know with clarity while keeping them in control,” Bennett said.
Their pre-seed round raised $4.1 million, supported by investors like Link Ventures, Vesta Ventures, and Fedi Ventures, along with previous backers from Bennett's time at Caribou. Bennett believes his track record as a founder played a role in securing funds, and they intentionally included angel investors with real estate experience.
Such financial guidance might resemble offerings from platforms like Zillow or Redfin, especially since Zillow already has mortgage calculators. But Bennett isn’t overly concerned about competition, believing many companies either lean toward proptech or fintech without bridging the gap between both.
Still, the new venture isn’t alone in the space between proptech and fintech. Online mortgage startup Better.com, for instance, allows users to browse or refinance mortgages.
The platform’s future releases, planned for Q1, will introduce additional features, but Bennett hasn’t disclosed many details. For now, the platform helps users estimate affordability and anticipated payments when buying a home.
“I hope we can empower people to plan this major life step confidently, easily, and in a way that allows them to focus on the dream of homeownership,” Bennett said.
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