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ILLINOIS
Redfin Mortgages Expanding to Illinois
Redfin Mortgage announced it will be offering loans to homebuyers
in Illinois. Originally launched in January of 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, plus underwritten preapprovals. To guarantee a borrower
an approved loan, Redfin reviews and verifies all borrower information
in advance. e 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. e 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. is 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.
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