Massachusetts homebuyers can now get a mortgage through Redfin Mortgage LLC, a subsidiary of the online brokerage and real estate listing site Redfin. The firm recently began operating in Massachusetts and offers fixed- and adjustable-rate conforming mortgages as well as jumbo loans in 15 states and Washington, D.C.

“We are redesigning the lending process to be fast, easy and intuitive for our customers, combining technology with personal service to streamline the entire experience from pre-approval to closing,” Jason Bateman, head of Redfin Mortgage, said in a statement.

Built on Redfin’s technology platform, Redfin Mortgage offers what the company describes as competitive rates, charges no lender fees and rewards mortgage advisers on service, not just sales.

Buyers have two options for getting a loan. The first option lets buyers complete an online application and receive pre-approval for a loan in 90 minutes or less. Redfin Mortgage will then offer a 30-day closing guarantee. The other option allows buyers to undergo a fully underwritten pre-approval process that is completed in about one business day. Redfin Mortgage offers these customers a 25-day closing guarantee. If Redfin Mortgage cannot fund the mortgage within the closing guarantee period, it will give the homebuyer a $1,000 credit towards closing costs, subject to terms and conditions.

“The Redfin Mortgage closing guarantee gives homebuyers an edge if they’re bidding on a home that has multiple offers,” Bateman said in a statement. “By earning a seller’s confidence that the sale will close on time, offers from buyers with a Redfin Mortgage pre-approval letter stand out from the crowd.”

Redfin Mortgage integrates with Redfin’s home-buying service for buyers working with a Redfin agent. Redfin real estate agents are not compensated for recommending Redfin Mortgage and encourage customers to work with the lender that offers the best service and value.

Redfin Mortgage Starts Operating in Massachusetts

by Banker & Tradesman time to read: 1 min
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