This, they hope, will lead to on-time closings, something that is paramount in the home purchase world of lending. They expect a streamlined operation thanks to a “single system” that can be accessed by Redfin Mortgage advisors, real estate agents, title companies, and the customer. One thing that might give home buyers a head start is their fully-underwritten mortgage pre-approval, which is actually reviewed by a loan officer and an underwriter.
#Redfin mortgage calculator embed software
Redfin hired Jason Bateman, no, not that guy from Juno and Arrested Development, but the former executive vice president of mortgage operations at BBVA Compass, to spearhead the operation.īateman will run Redfin Mortgage out of a new Dallas-based office, with software engineers providing support from up in Seattle. Redfin will not bar its people from continuing to work with other mortgage lenders or brokers that they have relationships with.Īnd I’m sure the buyer can always use whichever broker or lender they choose – this is simply another option. The good news is Redfin Mortgage will originate mortgages for both home buyers represented by a Redfin agent and those using an outside real estate brokerage.īy the way, Redfin credits back some of their commission for buyer’s closing costs too, which can make the mortgage process run a bit smoother (and cheaper). So it’s pretty vanilla.īut you can get a conforming loan or a jumbo loan, which is helpful if you’re looking at an expensive property. In terms of loan type, they only offer the 30-year fixed, 15-year fixed, and the 5/1 adjustable-rate mortgage. Initially, Redfin Mortgage will only dole out mortgages to help customers purchase homes, with mortgage refinances perhaps coming later, depending on how things go. But it’s not a necessity to use Redfin Mortgage if you work with a Redfin real estate agent.You must use a Redfin real estate agent if you want to take advantage of their home lending platform.Though they might dip their toes into the refinance waters eventually.At the moment they only offer home purchase loans.Redfin Mortgage Will Begin as a Purchase-Only Home Loan Lender That doesn’t mean they’ll sell faster or for more, just that they’ll be assured to get plenty of exposure. In reality, it might be a little less as 2.5% is a typical fee these days, but still, they don’t charge as much as a full-service real estate brokerage.Īnd with many, if not all, home buyers using Redfin to peruse homes for sale, Redfin-listed properties get prominence as they’re always found at the top of the list. They only charge a 1.5% commission to sellers, which they refer to as “half the usual listing fee.” The goal seems to be harmony, and also savings, something Redfin introduced as an online real estate brokerage many years ago. To both speed things up and provide a smoother loan closing.It can seamlessly integrate its lending platform with Redfin’s home-buying service.By creating a unified team from within the same company.Redfin’s goal is to streamline the home loan process.In announcing the news, and the new website, the company noted that Redfin Mortgage “is the next step in our mission to put customers first.” Redfin Agents and Redfin the Lender Will Work Together
So it’s a very smart move for Redfin to get their hands on all that mortgage business, while also gaining more control of the many moving parts involved in the typical home purchase. Well, maybe it wasn’t so unexpected, seeing that the mortgage trend is decidedly moving from refinances to purchases. In an unexpected turn of events, online real estate brokerage Redfin has launched a new mortgage service called, you guessed it, “Redfin Mortgage.”
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