Following its recent expansion into Minnesota, Redfin is set to grow its mortgage operation again.
Redfin, the online real estate brokerage, expanded into mortgage lending last year. Initially, Redfin Mortgage was available in Texas. Then, the company expanded to Illinois, Washington, D.C., Pennsylvania, Virginia, and Minnesota.
Now, Redfin Mortgage will be available in Ohio as well.
Redfin Mortgage currently offers fixed-rate and adjustable-rate conforming mortgages, as well as jumbo loans, along with fully underwritten pre-approvals, in every market it serves.
Redfin Mortgage also offers a 30-day closing guarantee. If Redfin Mortgage is unable to fund a mortgage within 30 days, the company will give the homebuyer a $1,000 credit toward closing costs, subject to certain terms and conditions.
The company also said that it can provide the 30-day closing guarantee because it fully underwrites the borrower before the buyer picks a property to purchase.
According to the company, Redfin Mortgage is “built to seamlessly integrate” with the company’s home-buying service and Title Forward, Redfin's title insurance and settlement company.
Redfin notes that its real estate agents are not compensated for recommending Redfin Mortgage or Title Forward.
The company also said that it plans to continue its mortgage expansion into other states throughout the year and beyond.