Redfin Mortgage, LLC, is now offering loans to homebuyers in Washington, D.C., announced Redfin Corporation, the next-generation real estate brokerage.
With this expansion, Redfin Mortgage now serves homebuyers in Texas, Illinois, and the District of Columbia, and the company plans to launch in additional states in 2018. 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 letter, where 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 her 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.
“In the competitive Washington, D.C. real estate market, Redfin Mortgage’s 30-day closing guarantee gives homebuyers an edge in getting their offers accepted,” 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 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.
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.