Opendoor has rolled out a new financing app in California that the company claims allows consumers to get pre-approved for a mortgage in under two minutes.
The company announced the roll-out on its website, and the app went live Thursday, June 2. It is part of the company’s suit of products including Buy with Opendoor, Opendoor Backed Offers, and Opendoor Complete.
“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,” the release reads.
“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 claims to process more than 10,000 data points in the span of seconds to determine the max purchase price a buyer can afford and the minimum down payment for those loan options.
The app is intended to remove “time-consuming” steps from the mortgage process, increasing transparency, speed, and ease for consumers.
“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,” said Heather Harmon, Co-Head of OD Homes Brokerage.
“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.”
OpenDoor Technology purchased 4,689 more homes in Q2 2021 than Zillow, according to company officials.