Skip to main content

Redfin Mortgage makes its way to Minnesota

Seattle-based tech-powered brokerage Redfin announced on Thursday the expansion of Redfin Mortgage into Minnesota — its sixth market since first launching the lending arm in Texas in January 2017.

Redfin spokesperson Alina Ptaszynski told Inman Minnesota was a logical next step for Redfin Mortgage since the company recently made Title Forward available in the state.

“Redfin launched Title Forward in Minnesota and Wisconsin earlier this year, so it’s a natural early market for Redfin Mortgage,” she said in an emailed statement to Inman. “Redfin Mortgage is built to seamlessly integrate with Title Forward, should a customer elect to use both services.”

Redfin Mortgage, serving Redfin’s buyer clients exclusively, offers fixed- and adjustable-rate conforming mortgages as well as jumbo loans for higher-priced homes with a 30-day closing guarantee. Redfin says the guarantee is based on the fact that all buyers go through a fully underwritten pre-approval process that includes these three contingencies:

  • The buyer’s credit and employment status must remain fundamentally unchanged after pre-approval.
  • The home must appraise for an amount equal to or more than the sale price.
  • The borrower must provide proof of title commitment and homeowners insurance.

If Redfin Mortgage is unable to close within the guaranteed 30-day timeline, they promise to give buyers a $1,000 closing cost credit.

Harness automated, targeted real estate digital marketing with Homesnap Pro

Market your brand with optimized campaigns on Google, Facebook, Instagram and Waze READ MORE

“Submitting an offer with a preapproval from Redfin Mortgage, backed by its 30-day closing guarantee, can help homebuyers earn the seller’s confidence that the deal will close on time, which can be a competitive edge in our hot real estate market,” said Twin Cities Redfin market manager Chris Prescott in a statement.

“Redfin Mortgage and Title Forward are working toward offering a totally digital transaction, from loan application to closing, with better service and lower fees,” he added. “The combination of Redfin’s full-service real estate brokerage, Title Forward, and now Redfin Mortgage is a hat-trick for homebuyers in the state of hockey.”

Lastly, Redfin says their lending platform is designed to integrate with the company’s brokerage operations and Title Forward, Redfin’s title and settlement company. Furthermore, Redfin maintains there are no incentives for Redfin agents to recommend a Redfin loan, although they do tout the potential savings of using Redfin for all homebuying needs.

Redfin Mortgage made its 2017 debut in Texas, with a goal to provide a digital process with better service, quick closings and lower fees by employing a shared technology platform, compensation based partly on customer satisfaction and an exclusive focus on Redfin buyer clients.

As of now, the company operates in District of Columbia, Illinois, Minnesota, Pennsylvania, Texas and Virginia, with plans to expand to several more markets in the coming months.

Prior to Minnesota, Redfin’s latest expansion was into Pennsylvania.

Redfin went public in July 2017.

Email Marian McPherson.


Redfin Mortgage makes its way to Minnesota curated from Inman

Comments

Post a Comment

Popular posts from this blog

The Ultimate Guide To Family Law

Introduction The government has always had a fascination with families and the contract of marriage. State legislatures have passed many laws regulating the requirements for getting married and for obtaining a divorce. In addition, today’s laws also affect couples who live together outside of marriage. It is hard to give simple answers to many of the legal questions that a person may have about marriage, parenthood, separation, or divorce because the laws change and vary from one state to another. In addition, judges in different states with identical laws may decide cases with similar facts in different ways. This article describes the laws and court rulings common to most states. If you have other questions, please contact a lawyer in your state. You may also wish to contact a specialist. Many lawyers (particularly in urban areas) work only on family law or make it a large part of their general practice. Lawyers specializing in family law also may refer to themselves as specialist...
Post a Comment
Read more

When And How To Use a Lawyer

Introduction Almost everything we dofrom making a purchase to driving a car, to interacting with others is affected by the law in some way, shape or form. While it often seems hard to live with the law, it would surely be harder to live without it. In our country, the law is, in a real sense, the people’s law. It is part of the democratic heritage of Americans. The availability of the law does, however, reveal a bewildering variety of choices. When do you need a lawyer? When can (or should) you handle a matter on your own? The purpose of this chapter is to help you make the best choices. There are many legal situations that you can and should handle on your own, without the assistance of a lawyer. However, when circumstances and laws are unique, complicated, or confusing, you may need a lawyer’s guidance. You also may need a lawyer’s services when you are so close to a problem that you are unable to see your way through to a proper solution. While this chapter does not examine spec...
Post a Comment
Read more

The 20 best real estate memes of 2018

All real estate agents have experienced the stress of making cold calls, organizing open houses, managing overly-demanding clients, conducting negotiations and clawing through closing day. All of these situations can bring even the most seasoned agents to the edge, so taking a little time to laugh (even if it’s just to keep from crying) is a surefire way to relieve stress and remind yourself that you’re not the only one struggling to keep the sellers away during the inspection. Take a look at the 20 best real estate memes we saw this year, and keep one or two on hand when your buyer asks if they can cut your commission.     Photo credit: @REprobz   What the luxury customer will demand in 2019 Prepare for the coming year in real estate with these tips from leading experts READ MORE   Photo credit: @rashelyadegari_loanofficer     Photo credit: @danshearealtor     Photo credit: @cbkg_realestate     Photo c...
Post a Comment
Read more