Opendoor, the San Francisco-headquartered online real estate marketplace, has launched a mortgage division called “Opendoor Home Loans.”
The company stated the new division will offer competitive interest rates and no lender fees, and its launch will include a limited promotion where it provides up to $1,000 towards buyer closing costs. Opendoor added that it will close its loans on the scheduled closing date and will credit the buyer $100 per day for every day delayed.
“Financing is one of the most complicated and intimidating parts of a home purchase,” said Nadia Aziz, head of Opendoor Home Loans. “It typically takes 45 days for buyers to finance and close on a new home. That’s 45 days of uncertainty, anxiety and stress that we can cut in half with Opendoor Home Loans. In the last 10 months, we’ve built a mortgage business from the ground up that combines savings, convenience and certainty into a simpler, more transparent process for buyers. It takes us one step closer to providing an end-to-end experience where you can buy, sell or trade-in a home in just a few clicks.”
In September 2018, Opendoor acquired Open Listings, a Los Angeles-based platform for homebuyers seeking property. That transaction was designed to integrate Open Listings with Opendoor’s mortgage, title and home services, thus creating what the company described as “the first end-to-end marketplace for buying, selling, and trading-in homes—equipping people with the ability to move in just a few clicks.”