The home loan program, powered by Redfin’s technology platform, offers buyers fixed and adjustable-rate conforming mortgages – as well as jumbo loans for higher-priced homes. It aims to help Redfin customers receive a quote, get pre-approved for a loan and finance their home purchase, all while offering a 25-day closing guarantee to every buyer with an underwritten pre-approval.
“The Redfin Mortgage closing guarantee gives homebuyers an edge if they’re bidding on a home that has multiple offers,” said Jason Bateman, head of Redfin Mortgage. “By earning the seller’s confidence that the sale will close on time, offers from buyers with a Redfin Mortgage pre-approval letter will stand out from the crowd in a bidding war.”
To celebrate the launch, Redfin is offering buyers who lock in their loans by October 31 a $1,000 bonus for loans over $200,000. Redfin Mortgage also guarantees that if it does not meet the 25-day closing guarantee for buyers with underwritten pre-approval, it will give the buyer $1,000 towards closing costs.
Redfin Mortgage underwrites all required borrower information to give the buyer and seller a commitment that the loan will be approved.
The company also noted in its release that Redfin agents are not compensated for recommending Redfin Mortgage and will continue to encourage customers to work with the lender that offers the best service and value, even as Redfin Mortgage rapidly expands.
Since launching in January 2017, Redfin Mortgage has expanded to Georgia, Illinois, Minnesota, North Carolina, Ohio, Pennsylvania, Texas, Virginia, Washington D.C. and now Colorado. It plans to launch in additional states in the coming months.