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It?s all part of a plan to become a one-stop shop for all things buying and selling a home. Real estate technology startup Opendoor announced Thursday that it?s launching a mortgage division called Opendoor Home Loans in Arizona and Texas, with plans to expand to other markets in the coming months.
The pilot program has been underway in Texas for a few months. Opendoor says closing on a home typically takes about 45 days, but early results from the pilot program showed Opendoor Home Loans shortened the closing process to an average of 27 days.
Launched in 2014, Opendoor makes all-cash offers to motivated home sellers at a ?fair market price? determined by an algorithm and then sells those houses on the open market. Dubbed ?iBuying? or ?instant buying,? the concept helps people close on the sale of their home in a matter of days so they can use the equity in their house to move as quickly as possible. With the new division, customers can get a mortgage from Opendoor Home Loans whether they?re buying a house directly from Opendoor or not. Conversely, customers buying houses from Opendoor are not required to use Opendoor Home Loans.
The move into mortgages is part of Opendoor?s effort to become a one-stop shop for all things buying and selling a home. In addition to mortgages, Opendoor has partnered with a number of title insurers across the country.
A number of real estate technology companies have started to chase the vision of a real estate one-stop shop...