Redfin Mortgage expands into three new states

Mortgage & Real Estate

Redfin is expanding its mortgage business into Massachusetts, Michigan and Wisconsin.

With the expansion, Redfin Mortgage offers fixed- and adjustable-rate conforming mortgages as well as jumbo loans in 15 states and the District of Columbia.

“We are redesigning the lending process to be fast, easy and intuitive for our customers, combining technology with personal service to streamline the entire experience from pre-approval to closing,” said Jason Bateman, head of Redfin Mortgage.

Redfin launched its mortgage service in early 2017, and has grown quickly since then.

Last year, Redfin Mortgage finalized its fully digital home buying experience by announcing a partnership with Notarize in a deal that offers Redfin Mortgage clients the ability to close on a home quicker, easier and completely online.

Consumers who use Redfin Mortgage can fill out an online application and can get pre-approved for a loan in 90 minutes or less.

For these buyers, Redfin Mortgage offers a 30-day closing guarantee. For buyers that undergo a fully underwritten pre-approval process in about a day, Redfin Mortgage offers a 25-day closing guarantee.

If Redfin Mortgage can’t fund the mortgage by the timeline promised, it will give the homebuyer a $1,000 credit towards their closing costs, according to Redfin.

“The Redfin Mortgage closing guarantee gives homebuyers an edge if they’re bidding on a home that has multiple offers,” said Bateman. “By earning a seller’s confidence that the sale will close on time, offers from buyers with a Redfin Mortgage pre-approval letter stand out from the crowd.”
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