SAN FRANCISCO — HOVER has announced a partnership with Mosaic, to give contractors the ability to offer their customers access to financing for home remodeling projects.
The company says access to Mosaic is integrated into the HOVER platform, creating a one-stop-shop for homeowners and contractors to create a 3D property model, get accurate measurements and estimates, visualize the home exterior enhancements, and finance the cost of the final project.
According to FINRA, in 2015, about 57 percent of consumers were financially fragile and would struggle to write a check for $2,000 or more. Comparatively, the average cost for replacing a roof is $6,838.
With financing options, homeowners now have more flexibility to not only make necessary home improvements, but also aesthetic ones. In fact, 76 percent of consumers are more likely to make a purchase if a seamless and simple payment plan is offered. By financing through Mosaic on HOVER, homeowners avoid the expense of high interest credit card payments while choosing affordable monthly payments with more buying power to make their remodeling vision a reality.
“We finance nearly every other big purchase in our lives - from vehicles to mattresses - so it only makes sense to offer a payment plan on major home improvement projects,” said Spencer Warden, sr. director of business development at HOVER. “However, many contractors do not currently offer financing options because they do not know what rate plans are best for their customers. We want to close that gap.”
With this integration, HOVER extends contractors the benefit of instant pre-qualification decisions through a soft credit check and a seamless, paperless process on the Mosaic platform. Homeowners will see the pricing options that they qualify for without causing negative impacts on the homeowners credit score.
“We’re excited to partner with HOVER to bring homeowners personalized financing options for their home renovation projects,” said Chris Philips, VP of Home Improvement Lending for Mosaic. “Consumers crave options, and providing flexible payment plans makes projects more affordable and gives homeowners choices besides ‘yes’ or ‘no’.”
For more information on the offerings featured in HOVER’s platform, visit www.hover.to.