March 29, 2018
Redfin Mortgage Launches in Minnesota
Tech-powered lender offers 30-day closing guarantee

MINNEAPOLIS, March 29, 2018 /PRNewswire/ -- (NASDAQ: RDFN) — Redfin Mortgage, LLC is now offering loans to homebuyers in Minnesota, announced Redfin Corporation (www.redfin.com), the next-generation real estate brokerage. Redfin Mortgage offers fixed- and adjustable-rate conforming mortgages as well as jumbo loans for higher-priced homes in every state where it operates.

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, get pre-approved for a loan and finance their home purchase.

Redfin Mortgage offers a 30-day closing guarantee, demonstrating its commitment to fast, on-time closings. If Redfin Mortgage is unable to fund a mortgage in 30 days, it will give the homebuyer a $1,000 credit toward closing costs, subject to terms and conditions.

The closing guarantee is enabled by Redfin Mortgage's fully-underwritten pre-approval, in which all required borrower information is underwritten by the company in advance of the homebuyer finding a property to purchase. This gives the buyer and the seller a stronger commitment that the loan will be approved as long as the home has a clean title and appraises for the proposed sale price. The buyer must also provide proof of homeowners insurance to complete the transaction.

"Submitting an offer with a preapproval from Redfin Mortgage, backed by its 30-day closing guarantee, can help homebuyers earn the seller's confidence that the deal will close on time, which can be a competitive edge in our hot real estate market," said Chris Prescott, Redfin Market Manager for the Twin Cities .

Redfin Mortgage also offers:

  • Low Rates: Because Redfin Mortgage uses technology to streamline the lending process, it can pass along its savings to its customers.
  • No Lender Fees: 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.
  • A Smooth Closing: When the customer's lender and real estate agent work on the same technology platform, everyone stays informed, which leads to a smooth closing.

Redfin Mortgage is built to seamlessly integrate with Redfin's home-buying service and, when desired, Title Forward, Redfin's title insurance and settlement company.

"Redfin Mortgage and Title Forward are working toward offering a totally digital transaction, from loan application to closing, with better service and lower fees. The combination of Redfin's full service real estate brokerage, Title Forward, and now Redfin Mortgage is a hat trick for homebuyers in the state of hockey," said Prescott.

With this announcement, Redfin Mortgage now serves homebuyers in the District of Columbia, Illinois, Minnesota, Pennsylvania, Texas and Virginia and the company plans to launch in additional states in the coming months.

Redfin real estate agents are not compensated for recommending Redfin Mortgage or Title Forward. Redfin agents will continue to encourage customers to work with a lender and title company that offers the best service and value.

For more information about Redfin Mortgage and current rates, visit www.redfin.com/mortgage.

About Redfin

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 $60 billionin 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.

 

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SOURCE Redfin

Alina Ptaszynski, Redfin Journalist Services, 206-588-6863, press@redfin.com