Tech-powered lender offers fully underwritten pre-approvals to help Redfin homebuyers present strong offers in a competitive market
CHICAGO — October 16, 2017 — (NASDAQ: RDFN) — Redfin Mortgage is now offering loans to homebuyers in Illinois, announced Redfin (www.redfin.com), the next-generation real estate brokerage. Redfin Mortgage launched in January 2017 and initially offered loans to Redfin customers in Texas. Illinois is the second state for the lending operation and the company expects to serve customers in Virginia by the end of the year with plans to expand to additional markets in 2018.
The company will primarily serve homebuyers who choose to work with a Redfin agent as Redfin Mortgage is built to seamlessly integrate with the Redfin brokerage operation and, when desired, Title Forward, Redfin’s title and settlement company.
Redfin Mortgage is currently offering 30-year and 15-year fixed rate mortgages and adjustable rate mortgages. Redfin Mortgage provides fully underwritten pre-approvals, reviewing and verifying all the borrower information in advance. This essentially gives the borrower a guarantee that their loan will be approved as long as the borrower’s credit or employment status do not change significantly after pre-approval, the home appraises for no less than the proposed sale price, and the borrower provides proof of acceptable title commitment and homeowners insurance.
“In the current competitive real estate market, a fully underwritten pre-approval gives the homebuyer an edge by earning the seller’s confidence that the loan will be approved quickly and the sale will close on time,” said Jason Bateman, head of Redfin Mortgage. “In a bidding war, a buyer with a fully underwritten pre-approval can consider waiving the financing contingency to make their offer nearly as appealing to a seller as an all-cash offer.”
In addition to fully underwritten pre-approvals, Redfin Mortgage offers:
- Low Rates: Because Redfin Mortgage uses technology to streamline the lending process, it can pass along its savings to its customers.
- Transparent Pricing: Redfin Mortgage does not charge any lender fees, so customers can rest assured there will be no surprises on closing day.
- A Commitment to Customer Service: Redfin Mortgage shares Redfin’s commitment to personal service, with mortgage advisers who are rewarded based on service, not just sales volume.
- Integration with Redfin Brokerage and Title Services: When a customer chooses to work with Redfin affiliated entities, the combination of lending into the Redfin technology platform keeps all parties informed and working together toward a smooth closing.
By integrating an affiliated lending operation with Redfin's existing brokerage and title businesses, Redfin is working towards the ultimate goal of an entirely digital process-- from loan application to closing-- with better service and lower fees. Building on Redfin’s existing technology platform and customer-centric model, Redfin Mortgage aims to be the fastest and most transparent way for homebuyers to receive a quote, become pre-approved for a home loan and submit a compelling offer to buy a home.
There are no incentives for Redfin real estate agents to recommend a Redfin loan. Redfin agents will continue to encourage customers to work with the lender that offers the best combination of service and rates.
More information about Redfin Mortgage and current rates is available at www.redfin.com/mortgage.
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.
Redfin Journalist Services:
Alina Ptaszynski, 206-588-6863