Seattle-based tech-powered brokerage Redfin today announced the expansion of Redfin Mortgage into Pennsylvania — the fourth market added since Redfin Mortgage’s launch in January 2017.

Redfin senior communications specialist Alina Ptasynnski said Pennsylvania was a “natural early market” since Title Forward, Redfin’s title business, is headquartered there.

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.

“The Redfin Mortgage 30-day closing guarantee gives homebuyers an edge in the current real estate market driven by low inventory and strong competition,” said Redfin Mortgage head, Jason Bateman in a press release.

“By earning the seller’s confidence that the sale will close on time, offers from buyers with a Redfin Mortgage pre-approval letter will stand out from the crowd in a bidding war.”

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 Texas, Illinois and the District of Columbia, with plans to expand into Virginia in the near future.

Redfin went public in July 2017.

Email Marian McPherson.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×