Redfin Mortgages Expanding to Illinois

first_imgSign up for DS News Daily Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago adjustable fixed rate Illinois Jason Bateman Redfin Redfin Mortgage 2017-10-22 Dean Terrell Redfin Mortgage recently announced it will be offering loans to homebuyers in Illinois. Originally launched in January this year, Redfin Mortgage initially began in Texas and continues to expand; it plans to serve clients in Virginia by the end of the year as well as others in 2018. Redfin primarily serves homebuyers who choose Redfin real estate agents.Redfin currently offers 30-year and 15-year fixed rate and adjustable mortgages, as well as underwritten preapprovals. To guarantee a borrower an approved loan, Redfin reviews and verifies all borrower information in advance. The borrower’s credit and employment status must not significantly change after the pre-approval and the home shall not be appraised lower than the proposed sale price. The borrower must also provide proof of acceptable title commitment and homeowner’s insurance.“In the current competitive real estate market, a fully underwritten pre-approval gives the homebuyer an edge by earning the seller’s confidence that the loan will be approved quickly and the sale will close on time,” said Jason Bateman, head of Redfin Mortgage. “In a bidding war, a buyer with a fully underwritten pre-approval can consider waiving the financing contingency to make their offer nearly as appealing to a seller as an all-cash offer” according to Bateman.  Redfin Mortgage integrates an affiliated lending operation with its own existing brokerage and title businesses to work towards the goal of an entirely digital process. This process is meant to cover all steps from applying for the loan to closing. Redfin hopes to be the fastest and most transparent way for homebuyers to receive a quote, get pre-approved, and submit an offer to buy a home. According to the release, Redfin real estate agents have no incentive to offer Redfin loans over others and will continue to encourage consumers to work with lenders that offer the best service and rates.To see the full release from Redfin click here.  About Author: Dean Terrell Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: CFPB Outlines Protecting Consumer-shared Data Next: Ellie Mae Releases New Update to Mortgage Management Solution Tagged with: adjustable fixed rate Illinois Jason Bateman Redfin Redfin Mortgage  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago October 22, 2017 1,413 Views Home / Featured / Redfin Mortgages Expanding to Illinois in Featured, Headlines Redfin Mortgages Expanding to Illinois Subscribelast_img

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