Coinbase and Better Mortgage Launch Token-Backed Mortgages with Up to $10,000 Rebate

Better Mortgage and Coinbase announced general availability for their token-backed mortgage product on August 12. This is a first-of-its-kind conforming mortgage that will be originated and serviced by Better, powered by Coinbase.

The product is designed in accordance with Fannie Mae guidelines, making the first lien a standard conforming mortgage. Coinbase One members who are approved for a loan by Better will be eligible for a rebate equal to 1% of the mortgage value, up to a maximum of $10,000.

This rebate will be applied as a lender credit against closing costs and will be paid directly on the borrower's closing disclosure. The 1% rebate extends to all of Better's home-financing products, including standard mortgages, HELOCs, and refinances.