At a Glance

Own Up is an online mortgage marketplace that helps you shop for the best rates from a carefully selected network of top lenders. The platform claims to save customers more than $28,000 over the life of their loan.

Both home purchase and refinance mortgages are available, plus you can choose between a fixed or adjustable rate. Own Up also offers personal mortgage experts who can provide additional guidance and support.

Key Figures

Loan types: Purchase and refinance mortgages

Loan products: Conventional, FHA, VA, and Jumbo mortgages

Minimum credit score: Not specified

Repayment terms: Varies by lender

Own Up is 100% free to use, offering competitive rates that could save you tens of thousands of dollars on your mortgage costs. The platform also offers dedicated mortgage experts who provides clear and unbiased guidance throughout the whole process.

That said, Own Up does have a few downsides. For example, its services are not available in Hawaii, Nevada, New York, or Utah. Additionally, Own Up doesn’t disclose upfront who its lending partners are. It assures users, though, that all participant lenders are subject to a rigorous vetting process to ensure they are “reputable and financially secure." Lenders also have to agree to Own Up’s service level standards before they join.

How it Works

Own Up is neither a lender nor a bank, so it doesn’t provide direct financing. It defines itself as a “technology-enabled service” whose goal is to simplify the process of comparing lenders, help you choose the right loan for your circumstances, and ensure you secure fair terms for it.

The process of comparing mortgage providers and rates on the platform is quite straightforward.

The first step is to set up a personal borrower’s profile by completing a brief questionnaire. This step, which only takes a few minutes, allows Own Up to understand your financial situation and mortgage needs.

Own Up then uses the information to determine whether you qualify for a loan from any of the lenders in its network. If you do, it connects you with an expert home advisor to discuss your mortgage goals and inform you what to expect moving forward.

Next, the platform generates a list of mortgage offers you qualify for. Compare these offers, and if you see one that you like, formally apply for it on the lender’s website. The specific lender will provide further information on how to proceed, including the documents you need to provide.

Throughout this process, your dedicated Own Up home expert will be on hand to offer guidance and support.

Types of Loans

Own Up allows you to shop for both home purchases and refinance loans. Purchase loans are for prospective home buyers who are in the process of acquiring a home, while refinance loans are for existing homeowners looking to adjust their current terms (such as interest rate or repayment duration) or access equity.

Within these two primary loan categories, customers can access a variety of specific loan products, including conventional, FHA, VA, and Jumbo loans. Loans are available for a wide range of property types, including single-family homes, multi-family homes, townhouses, and condos.

Furthermore, Own Up offers access to both fixed-rate and adjustable-rate mortgages. Fixed-rate mortgages maintain the same interest rate and, consequently, the same monthly payment throughout the life of the loan. Conversely, the interest rate on an adjustable-rate mortgage changes periodically, usually in response to changes in a benchmark index like the Federal Reserve rate. This means that your monthly payment can go up or down with time.

Loan Features

Competitive rates: The lenders on Own Up's network only pay a small, fixed fee to Own Up for each transaction. The lenders then pass on these cost savings directly to Own Up’s customers in the form of lower rates. Moreover, Own Up strategically pre-negotiates with lenders to secure even better rates for its customers.

Objective offers: Offers on the platform are presented without bias toward a particular lender. This allows you to choose the best option from the available offers.

No hard credit inquiries and no social security number (SSN) requirement: Own Up uses a soft credit inquiry to check what offers you qualify for, so there’s no impact on your credit score. Additionally, you don’t need to provide your social security number for this initial check. Note, however, that a hard credit inquiry will be necessary when you submit your full loan application. This could temporarily lower your score.

Affordability calculator: The affordability calculator on OwnUp’s website enables you to determine the maximum price you can pay for a new home.

Rate finder: The rate finder uses real offers from thousands of lenders to help you determine what a great rate looks like for your specific borrowing scenario. This ensures you never overpay for your mortgage.

Rates and Terms

The interest rates for home loans offered via Own Up vary from lender to lender. As for repayment periods, the standard options from most lenders are 15, 20, and 30 years. Your dedicated expert advisor can work with you to determine the best terms for your circumstances.

Summary

Own Up is a digital mortgage marketplace that makes it easy to shop for home loans and find the best possible deal for your needs.

By pre-negotiating with lenders and only charging them a minimal fee per transaction, Own Up can offer significantly lower rates on home loans than what you can get elsewhere. Prospective and existing homeowners who use Own Up can save as much as $28,000 in interest over the life of their loans.

The platform is completely free to use, and setting up a profile to start the rate comparison process only takes a few minutes. Furthermore, Own Up offers personal mortgage experts who offer ongoing support until you close your loan.

Contact OwnUp

Own Up has a customer review score of 4.3 stars out of five on Trustpilot, though this is only out of a handful of reviews. The Better Business Bureau (BBB) gives the company an A+ rating, the best possible grade on the platform. It represents confidence that the business is trustworthy and committed to meeting its obligations to customers.

For support or inquiries, you can reach Own Up in the following ways:

• Phone: (844) 947-2848.
• Email: hello@Own Up.com
• Physical mail: Send to; 50 Milk Street, Floor 16, Boston, MA 02109.