Safe Rate's $1 Billion Mortgage Challenge
The problem: you pay lots of money
The biggest mortgage lenders spend nearly $1 billion on advertising each year. That's nearly $2,000 per customer. And it's you, the consumer, who is paying for those ads through higher rates and upfront fees. The truth is that you will most likely get the same mortgage product no matter which lender you choose. It's like paying lenders a bunch of money to serenade you with the same song, and then going with the lender that annoys you the least.
The solution: we give you savings instead
To flip the script at Safe Rate, Shima and I have thought of a different approach. What if we we just give the $2,000 to our customers instead of advertisers? We won't pay for ads, so we'll simply give the $2,000 back to our customers to use to help them save money on their new home purchase. As simple as it sounds, it's not how the mortgage industry operates today. Even leading online lenders pay to obtain nearly 90% of their customers. By contrast, our approach is $0 in paid ads (100% organic growth).
And to make things even more interesting, Shima and I have entered into a bet in homage to one of our favorite movies, Trading Places, that shows how even the smallest of bets can meaningfully change one's life trajectory.
Our bet: 500,000 people will claim their $2,000
I bet Shima one dollar that we can get 500,000 people to claim their $2,000 in Safe Rate Credits by Sep 1, 2023. That means we will give out at least $1 billion in a year's time! And even if you're not getting a loan for a while, you can still claim your $2,000 in credits and use it later since they do not expire!
We know, 500,000 people sounds crazy for a startup just making its public launch. But if you're inspired by our message, we ask, why not join us? What have you got to lose?
Your $2,000 of Safe Rate Credits in Action
If you are the primary borrower and closing on a loan with Safe Rate in the future, you can redeem your $2,000 in Safe Rate Credits to:
- Help cover closing costs for things like homeowners insurance OR
- Redeem for gift cards to help furnish your new home OR
- Lower your interest rate even more to save more money over the life of the loan
You can see these options and potential savings in action at saferate.com/rates.
There's no cost or obligation when you sign up. The $2,000 in Safe Rate credits will instantly be yours and they won't expire. Your real estate agent and employer can even join Safe Rate to help you save more money as well! Here are some more details:
- The first 500,000 consumers who join Safe Rate get $2,000 in Safe Rate credits. These credits don't expire, so even if you're a couple of years away from purchasing or refinancing or we're not operating in your state yet (we currently offer mortgages in Illinois though we are expanding), the credits can be used once we do. You'll get a personalized link so that you can share the deal with others in your network as well.
- If you're a real estate agent, you can help your clients save an additional $250 of Safe Rate Credits by joining Safe Rate. You'll get a co-branded page, features to track each loan's progress and how much your clients have saved, and you'll have the ability to create a personalized profile so that Safe Rate's future borrowers can discover you too!
- If you're an employer, you can join for free and help your employees earn an additional $250 of Safe Rate Credits. There's no cost and no technical integration. You'll get a co-branded page to share with your employees and tools to track how much your employees have saved in total!
Our $1 billion commitment to you
Mortgage loans are a zero-sum game. The products are the same for most consumers and when a lender wants to grow, they can pay advertisers or pay you. So why shouldn't you get all the money?
Here at Safe Rate, we don't pay for stadiums to be named after us and we're not paying for any expensive celebrities to endorse us. We do have our our passionate team, our technology, our like minded partners, and our mission. And with validation from consumers like you, we believe we can change the mortgage industry forever.
Once we reach our goal of 500,000 people who have saved $1 billion, we know it's going to be transformational. $ 1 billion! That's two years worth of DQ Blizzards sold in the country, and let's be honest, spending your money on Blizzards is way better than spending it on mortgage ads.
So we ask you to join us and hold us accountable because your savings is our success. If we do right by you, that means we'll all be celebrating what we have achieved together. And Shima will have to pay me that one dollar!
Now go sign up now (please now)!
Thanks for reading! You can join our $1 Billion Mortgage Challenge at saferate.com today. It takes just 10 seconds to claim your $2,000 in credits!
Sincerely,
Dylan & Shima