Redfin Mortgage Launches in Pennsylvania
Tech-powered lender offers 30-day closing guarantee
PHILADELPHIA, Jan. 11, 2018 /PRNewswire/ -- (NASDAQ: RDFN) — Redfin Mortgage, LLC is now offering loans to homebuyers in Pennsylvania, 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.
Redfin Mortgage also 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 or more. The buyer must also provide proof of homeowners insurance to complete the transaction.
"The Redfin Mortgage 30-day closing guarantee gives homebuyers an edge in the current real estate market driven by low inventory and strong competition," 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."
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 your lender and your real estate agent work on the same technology platform, everyone stays informed, which leads to a smooth closing.
With this announcement, Redfin Mortgage now serves homebuyers in Texas, Illinois, Pennsylvania and the District of Columbia, and the company plans to launch in additional states in the coming months.
Redfin Mortgage primarily serves homebuyers who choose to work with a Redfin agent because 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. However, Redfin real estate agents are not compensated for recommending Redfin Mortgage. Redfin agents will continue to encourage homebuyers to work with the lender that offers the best combination of service and rates.
Redfin Mortgage is working toward offering a totally digital loan origination 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, get pre-approved for a loan and finance their home purchase.
For more information about Redfin Mortgage and current rates, visit 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.
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Released January 11, 2018