Better Mortgage and Coinbase Launch Token-Backed Mortgages with Up to $10k Rebate
Better Mortgage and Coinbase have announced the general availability of their token-backed, conforming mortgage product. These mortgages are originated and serviced by Better, powered by Coinbase, and designed in accordance with Fannie Mae guidelines.
As part of this offering, Coinbase One members will be eligible for a rebate equal to 1% of the mortgage value, up to a maximum of $10,000. This rebate is applied as a lender credit against closing costs and will be paid by Better, reflected directly on the borrower's closing disclosure.
The product launch builds on strong early demand for the companies' original crypto-backed mortgage product. After opening a waitlist in June this year, the companies found that 76% of respondents were already Coinbase One users and 60% said they planned to buy within six months.