RateGravity, a Boston-based startup that’s overhauling the mortgage industry to benefit consumers, is in the midst of raising $1 million. So far, the company has raised $524,500, according to a Form D it filed with the U.S. Securities and Exchange Commission on Friday.
The startup is working to restructure how people finance their homes. It has eliminated the need for mortgage salespeople, whose large commissions leave consumers footing the bill by way of interest payments.
Instead, the venture is offering homeowners-to-be a solution to compare and choose a mortgage with local lenders. As a result, RateGravity claims it saves consumers tens of thousands of dollars in interest.
RateGravity was a 2016 MassChallenge Finalist. In a Medium post, the startup’s co-founder Patrick Boyaggi partially attributes its success so far to local support from RaizLabs, Harvard University and Brent Grinna, founder and CEO of EverTrue.
Boyaggi declined to comment on the fundraising.
Featured image via Moyan Brenn, CC BY 2.0.
