Those who have ever applied for a mortgage know how cumbersome the process can be. Gathering countless documents from multiple sources. Endless questions about employment status or discrepancies between credit reports. It can take days if not weeks to get pre-approved. Just enough time to watch a dream home go to another buyer.
When beginning the journey of buying a home, this process should be the least of anyone’s worries. That’s why we’re excited to announce a new Opendoor financing app that enables consumers to get a mortgage pre-approval in less than two minutes. The app is rolling out today to California customers and will reach consumers in more Opendoor states in the near future.
The new app is part of Opendoor’s suite of products, including Buy with Opendoor, Opendoor Backed Offers, and Opendoor Complete, that gives consumers the simplicity and certainty to their sell home and the confidence and competitive edge to help them win their dream home—and do it on their timeline. It represents a major step forward in more seamlessly integrating financing with the rest of the Opendoor ecosystem.
With this new financing app, Californians can better understand their loan options and the down payment they need to buy a home. They simply download the app and answer four short questions. Our technology then identifies loan options that are available from over 1,000 programs based on the customer’s needs and criteria, such as the mortgage rate, guidelines and terms, and the down payment required. The app processes over 10,000 data points in seconds to estimate a consumer’s Max Buying Power™—the maximum home purchase price a buyer can afford based on their qualifications and the minimum down payment required for available loan options—and presents them with loan options for which they’re pre-approved.
By reimagining the mortgage pre-approval experience, we’re removing time-consuming steps from the traditional mortgage process and offering one intuitive digital experience that gives consumers:
- Transparency: Pre-approvals are data-backed, with loan options that provide a clear breakdown of fees upfront.
- Speed: Most borrowers are pre-approved in under two minutes and can close loans in as fast as 21 days.
- Ease: Through the app, consumers can receive accurate breakdowns of rates, costs, and monthly payments for general loan approvals or for property-specific loan options for active MLS listings. They can also print pre-approvals, rather than wait for a loan officer to do it for them, and share their documents securely and easily. They can also add a co-borrower to unlock combined Max Buying Power™—or the total amount of money a consumer has available each month for a mortgage payment—in seconds. And consumers can chat with our loan experts about loan options or any other mortgage-related questions 8:00 am – 8:00 pm Pacific Time, seven days per week.
Ali Mackani and I started the digital mortgage platform RedDoor a few years ago and joined Opendoor last fall to address these issues head-on. We wanted to give homebuyers more control over the mortgage process and, in turn, more control over their buying experience. We knew we needed to leverage technology to address the time spent locking in a mortgage and make it easier to shop for loan options.
This is just the first step of our journey, and I can’t wait to bring the app experience to even more people around the country, unlocking all sorts of possibilities for homebuyers in the future.
Are you searching for a mortgage and based in California? Download the 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 Co-Head of OD Homes Brokerage.