The Opendoor Finance app expands
Reading Time — 5 minutes
September 28, 2022
By Heather Harmon
Reading Time — 5 minutes
September 28, 2022
Amidst significant volatility in the housing market, from rising mortgage rates to fluctuating home prices, people are left with questions on how to navigate current conditions. On top of that, applying for a mortgage is notoriously cumbersome – taking days if not weeks to get pre-approved.
Home buyers need a trusted partner now more than ever. That’s why today, with our goal of empowering more people across the country to make their move, we’re expanding the Opendoor Finance app in more states. In addition to California, home buyers in Georgia, Arizona and Texas will have more control over the mortgage process.
Financing at your fingertips
As a third-generation broker, I know how antiquated the traditional real estate process is, and obtaining a mortgage is the least optimized part of the transaction. Simply put, the mortgage process has suffered from lack of innovation — until now.
At Opendoor, our vision is to enable everyone to buy, sell and move at the tap of a button — all while streamlining a long-broken process to be digital-first. The expansion of our mortgage team’s finance app is another step in that direction.
Customers download the app and answer four simple questions. In less than two minutes, no matter where they are they will see their purchasing power and loan options. We’ve had a mom get pre-approved while she was at Disneyland with her kids, a young professional get pre-approved while waiting to board a flight, and a doctor get pre-approved on his break. It’s that easy.
Michael McAndrew of Roseville, California, shared this experience. After nine years in his home, he decided it was time for a change: he wanted a home that was more compact and closer to his office. No stranger to the moving process, Michael had bought and sold houses many times before — and, as always, he was dreading the financing part of the procedure. As a business owner, he knew obtaining a loan would be more complicated. After downloading the Opendoor Finance app, he was pleasantly surprised with how smooth the process was.
“I’m very familiar with the tedious documentation the underwriting process requires,” Michael said. “But Opendoor streamlined everything so I could easily upload paperwork on the app and get direct access to expert support every step of the way.”
Our proprietary technology identifies our partner lenders’ best loan options — including mortgage rate, guidelines, and terms — based on your needs and with your criteria. In minutes, the app provides individualized Max Buying Power™. Buyers also have the option to invite a co-borrower to see what their combined Max Buying Power would be, feeling empowered to decide how they should proceed. Plus, unlike a traditional pre-approval, there’s no impact on your credit score, and we’ll help customers buy any home listed on the market.
As Michael did, you can streamline the process of submitting documents, bypass playing phone tag with your loan officer, and generate pre-approval letters right in the palm of your hand. We’re all used to having convenient digital solutions for other everyday needs, from hailing a ride to ordering groceries. Now getting a mortgage is no different.
Empowering buyer behavior
Buying a home can be stressful, intimidating and confusing in the best of times. And today’s rising interest rates and fast-changing market conditions compound those feelings. But no matter what the macro environment is like, with the right tools, buyers should feel empowered.
It all starts with having a comprehensive view of what you can afford at any time, because even a small change in interest rates can impact a buying decision and cause a scramble for buyers. With our mortgage team’s app, buyers can refresh their Max Buying Power any time to account for a shift in rates, providing more control over and visibility into a home search. Knowing where you stand instantaneously as the market moves is a huge shift in empowerment that this mortgage technology delivers.
Even with rising interest rates, our data* indicates that buyer sentiment remains fairly resilient: aspiring home buyers continued to search for homes, and a solid 41% were spending more time looking. Further, 85% of buyers said they were willing and able to pay for the home they want at today’s prices.
With our expansion, more people can assess their loan options, get pre-approved and feel confident about their next move. Whether you’re ready to move today, next week, or next year, we’re here to provide a simple, certain and fast way for you to take control of your mortgage and know where you stand.
For more information, download the Opendoor Finance app on iTunes or Google Play or visit opendoorfinance.com to quickly understand your loan options and your buying power to secure the home of your dreams.
Heather Harmon is the Head of Opendoor Finance
*Opendoor’s research team surveyed 1264 GenPop Buyers in Opendoor markets who were planning to purchase within the next 12 months and/or were planning to purchase in the past 12 months and had been prequalified by a lender. We conducted the survey from August 8-12, 2022.
For CA consumers: OD Homes Brokerage Inc.; Corporate NMLS ID #2330885 (www.nmlsconsumeraccess.org); 95 Third Street, 2nd Floor, Suite 203, San Francisco, CA 94103; (800) 267-6103. Real Estate Broker, California Department of Real Estate, License #01966242. This is not an offer for extension of credit or a commitment to lend.
For AZ, GA and TX consumers: Opendoor Home Loans LLC; Company NMLS ID #1574366 (www.nmlsconsumeraccess.org); 3300 Dallas Parkway, Suite 200, Plano, TX 75093; (800) 860-0386. AZ Mortgage Banker License #1002870; GA Residential Mortgage Licensee #67772; TX Mortgage Company License. This is not an offer for extension of credit or a commitment to lend.
Affiliation Disclosure: Please be advised that Opendoor Home Loans LLC and OD Homes Brokerage Inc. are subsidiaries of Opendoor (collectively, the “Opendoor Mortgage Entities”). Because of these relationships, transactions with the Opendoor Mortgage Entities may provide Opendoor a financial or other benefit. You are NOT required to transact with the Opendoor Mortgage Entities as a condition of working with Opendoor. THERE ARE FREQUENTLY OTHER PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATES FOR THESE SERVICES.