Opendoor enters mortgage sector to up competition with Zillow and Redfin

September 2, 2019
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San Francisco online real estate marketplace startup, Opendoor, is gearing up to enter the mortgages sector to help it compete with other US-based rivals like Zillow and Redfin.

Opendoor has spent the last 10 months building and refining its Home Loans program, and now it is sharing details for the first time. The company is starting with six markets in Arizona and Texas: Dallas-Fort Worth, Austin, Houston, San Antonio, Phoenix and Tucson.

In a blog post, Head of Opendoor Home Loans, Nadia Aziz, argues that the company is uniquely positioned to help people with mortgages. Opendoor has helped more than 50,000 customers buy and sell homes, and the company has learned that “customers value flexibility, simplicity and speed.”

“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,” Aziz wrote about Opendoor Home Loans.

One of Opendoor’s major selling points is that it will cut the time to secure financing in half. If Opendoor fails to close a loan by the scheduled date, it will credit $100 back to the buyer for every day of delay.

Opendoor, Redfin, Zillow and others all share a common goal: disrupting the stressful process of buying and selling houses. Each has approached it a different way, but in some ways they are coming to the same conclusion. To re-imagine how homes are bought and sold, the companies want to control every aspect of the process.

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