How much can I save? Why bother getting any advice or help?
On average for each new mortgage taken out in the US, the borrower has overpaid by approximately $5,000 by going with an unnecessarily expensive priced lender for the same identical product. Money from different lenders doesn’t have different flavours. There’s no reason for this level of difference in prices for the same person when there are two similarly dependable lenders.
The average household in the US could save over $1,000 per year by choosing the right debt stack, shopping, refinancing (lowering the cost of existing debts), and repaying debts optimally.
Who are you/Why should I trust Solve Finance to answer my borrowing question?
We’re a team of PhDs; credit researchers, originators and experts; and computer scientists with decades of experience optimizing financial and other real-world problems.
We are incentive aligned. Our business plan is to earn 10% of the value we add, i.e. money we save borrowers. We think we can build a bigger business by doing good/doing better for our borrowers and not maximising short-run revenue by selling you and your data to lenders. While we’re in beta, proving value add to users, we are charging 0%. Ultimately, users or their employers can pay us - we’ll figure it out.
What if I have a question I don’t see automated help for
Get in touch! Join our personal finance Slack. We love hearing from our early users and building more features to save money.
Something looks broken
Get in touch! Email us at email@example.com or join our personal finance Slack.
How do other borrowing advisors and home finance calculators get paid?
Existing marketplaces, price comparison websites and advice for borrowing get paid kickbacks or referral fees by lenders for each user that visits or starts a process with a particular lender (a “lead”). This means a few things: 1) for something like live prices, the prices are limited to a small subset of lenders, 2) the costs are hidden. You eventually pay, it’s just tacked onto the price of the loan. Lenders have to pay for the $3000 in lead costs somewhere!, 3) we don’t see other websites simplifying prices for you - we don’t think they can ruthlessly fight for you to minimize your costs against lenders, when lenders are their paying customer.
As they say, if you aren’t paying for it, you’re the product.
How are you going to get paid?
Ultimately, users will pay -- only when we’ve delivered savings -- or anyone with users interests in maximizing savings or net take home pay can cosponsor us - we’ll figure it out. We think we can build a bigger business by doing better for our borrowers and not maximising short-run revenue by selling you and your data to lenders, and our business plan is to earn 10% of the value our users agree we add. While we’re in beta we are charging 0%.
What roles are you hiring for, Can I work at Solve?
If you’re interested we’d love to hear from you. Open roles are here. The most important thing we hire for is motivation in improving household finances. Take a look at our values to get a better idea if you’d enjoy it here.