Redfin Mortgage Expands to Illinois
October 16 2017 - 10:05AM
Business Wire
Tech-powered lender offers fully
underwritten pre-approvals to help Redfin homebuyers present strong
offers in a competitive market
(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.
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 $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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171016005738/en/
Redfin Journalist Services:Alina Ptaszynski,
206-588-6863press@redfin.com
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