Many people dream of owning a home. But getting there can be a nightmare.
Navigating the mortgage application process can be daunting, especially for first-time homebuyers.
While working as Director of Financial and Performance Analysis at Movement Mortgage, Eric Mager often fielded questions about the process from friends anxious about purchasing their first homes.
“When people go to buy a home, there’s a massive amount of anxiety they feel,” Mager said. “As an industry, we completely underestimate this anxiety. People want to make the right decisions, but don’t know the steps to take.”
Mager knew if his friends were struggling to understand the ins and outs of applying for home mortgages, that many others were as well. So, he founded Bundle, which launched in January 2019.
Bundle is a mortgage platform which allows homebuyers to learn about the homebuying process, create a budget, connect with mortgage lenders, compare rates and get answers to any questions they may have. The platform is completely free to potential homebuyers and provides a safe, private means of engagement with mortgage brokers. Homebuyers can search and hold conversations anonymously.
“It’s reaffirming for people who may not know about the process and are afraid to ask questions,” Mager said. “We want to advocate for the homebuyer.”
How Does It Work?
Bundle does not originate mortgages. The platform simply acts as an intermediary between banks and homebuyers. Mortgage originators are charged a platform fee of $38/month.
While connecting mortgage lenders to homebuyers, Bundle also loops in realtors who can also assist potential homebuyers with recommendations and offering their expertise with Charlotte’s housing market.
Bundle is focusing on homebuyers and realtors in the greater Charlotte area with plans to expand one day. Right now, Bundle hosts 50 loan officers, 40 real estate agents and is gaining a lot of traffic from homebuyers.
“We’re finding the perfect balance of loan officers, homebuyers and real estate agents,” Mager said.
Following the Right Path
Mager knows the mortgage industry and found a gap in the industry by providing basic information and assistance to homebuyers.
“I was at a really good job at a really good company,” Mager said of his decision to leave his job at Movement Mortgage a year ago. “That’s how I knew Bundle was a good idea.”
But, launching Bundle has taken Mager into new territory.
“I’ve never built a website before and it took a little time,” Mager says.
And now Mager wears several hats as founder, product manager and head of sales.
Bundle recently was awarded a spot in Queen City Fintech’s spring cohort comprising of eight innovative startups that will be growing in the Queen City from March 25 to June 11. The Demo Day will be the capstone event of Fintech Generations on June 11.
Mager hopes the accelerator will answer some questions about how to steer Bundle down the right road.
“I want to know what is the right path to put this in as many homebuyer hands as possible to alleviate the stress of homebuying.”