The Opendoor Finance app expands
Now available beyond California in Georgia, Arizona & Texas
9/28/2022 · 5 min read
Curious what your home is worth?
Get an offer in minutes, sell in a matter of days.Find out
Amidst significant volatility in the housing market, from rising mortgage rates to fluctuating home prices, people are left with questions on how to navigate current conditions. On top of that, applying for a mortgage is notoriously cumbersome – taking days if not weeks to get pre-approved.
Home buyers need a trusted partner now more than ever. That’s why today, with our goal of empowering more people across the country to make their move, we’re expanding the Opendoor Finance app in more states. In addition to California, home buyers in Georgia, Arizona and Texas will have more control over the mortgage process.
Financing at your fingertips
As a third-generation broker, I know how antiquated the traditional real estate process is, and obtaining a mortgage is the least optimized part of the transaction. Simply put, the mortgage process has suffered from lack of innovation — until now.
At Opendoor, our vision is to enable everyone to buy, sell and move at the tap of a button — all while streamlining a long-broken process to be digital-first. The expansion of our mortgage team’s finance app is another step in that direction.
Customers download the app and answer four simple questions. In less than two minutes, no matter where they are they will see their purchasing power and loan options. We’ve had a mom get pre-approved while she was at Disneyland with her kids, a young professional get pre-approved while waiting to board a flight, and a doctor get pre-approved on his break. It’s that easy.
Michael McAndrew of Roseville, California, shared this experience. After nine years in his home, he decided it was time for a change: he wanted a home that was more compact and closer to his office. No stranger to the moving process, Michael had bought and sold houses many times before — and, as always, he was dreading the financing part of the procedure. As a business owner, he knew obtaining a loan would be more complicated. After downloading the Opendoor Finance app, he was pleasantly surprised with how smooth the process was.
“I’m very familiar with the tedious documentation the underwriting process requires,” Michael said. “But Opendoor streamlined everything so I could easily upload paperwork on the app and get direct access to expert support every step of the way.”
Our proprietary technology identifies our partner lenders’ best loan options — including mortgage rate, guidelines, and terms — based on your needs and with your criteria. In minutes, the app provides individualized Max Buying Power™. Buyers also have the option to invite a co-borrower to see what their combined Max Buying Power would be, feeling empowered to decide how they should proceed. Plus, unlike a traditional pre-approval, there’s no impact on your credit score, and we’ll help customers buy any home listed on the market.
As Michael did, you can streamline the process of submitting documents, bypass playing phone tag with your loan officer, and generate pre-approval letters right in the palm of your hand. We’re all used to having convenient digital solutions for other everyday needs, from hailing a ride to ordering groceries. Now getting a mortgage is no different.
Empowering buyer behavior
Buying a home can be stressful, intimidating and confusing in the best of times. And today’s rising interest rates and fast-changing market conditions compound those feelings. But no matter what the macro environment is like, with the right tools, buyers should feel empowered.
It all starts with having a comprehensive view of what you can afford at any time, because even a small change in interest rates can impact a buying decision and cause a scramble for buyers. With our mortgage team’s app, buyers can refresh their Max Buying Power any time to account for a shift in rates, providing more control over and visibility into a home search. Knowing where you stand instantaneously as the market moves is a huge shift in empowerment that this mortgage technology delivers.
Even with rising interest rates, our data* indicates that buyer sentiment remains fairly resilient: aspiring home buyers continued to search for homes, and a solid 41% were spending more time looking. Further, 85% of buyers said they were willing and able to pay for the home they want at today’s prices.
With our expansion, more people can assess their loan options, get pre-approved and feel confident about their next move. Whether you’re ready to move today, next week, or next year, we’re here to provide a simple, certain and fast way for you to take control of your mortgage and know where you stand.
For more information, download the Opendoor Finance 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 Head of Opendoor Finance
*Opendoor’s research team surveyed 1264 GenPop Buyers in Opendoor markets who were planning to purchase within the next 12 months and/or were planning to purchase in the past 12 months and had been prequalified by a lender. We conducted the survey from August 8-12, 2022.
For CA consumers: OD Homes Brokerage Inc.; Corporate NMLS ID #2330885 (www.nmlsconsumeraccess.org); 95 Third Street, 2nd Floor, Suite 203, San Francisco, CA 94103; (800) 267-6103. Real Estate Broker, California Department of Real Estate, License #01966242. This is not an offer for extension of credit or a commitment to lend.
For AZ, GA and TX consumers: Opendoor Home Loans LLC; Company NMLS ID #1574366 (www.nmlsconsumeraccess.org); 3300 Dallas Parkway, Suite 200, Plano, TX 75093; (800) 860-0386. AZ Mortgage Banker License #1002870; GA Residential Mortgage Licensee #67772; TX Mortgage Company License. This is not an offer for extension of credit or a commitment to lend.
Affiliation Disclosure: Please be advised that Opendoor Home Loans LLC and OD Homes Brokerage Inc. are subsidiaries of Opendoor (collectively, the “Opendoor Mortgage Entities”). Because of these relationships, transactions with the Opendoor Mortgage Entities may provide Opendoor a financial or other benefit. You are NOT required to transact with the Opendoor Mortgage Entities as a condition of working with Opendoor. THERE ARE FREQUENTLY OTHER PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATES FOR THESE SERVICES.
2023 is the year of universal decor
2022’s Hottest ZIP Codes
Winter Wonderland: Home for the Holidays
What your home personality says about you
Opendoor launches Buy + Sell in San Diego
New leadership structure
First-time buyers face challenges head-on
Introducing Opendoor Exclusives
Our new marketplace, Opendoor Exclusives
Opendoor third quarter of 2022 financial results
A message from our CEO and Co-Founder, Eric Wu
Holiday decorating tips—according to a designer
We’re heading to Charleston and Richmond!
The Opendoor Finance app expands
Navigating changing market conditions
Introducing our new CTO Raji Subramanian
Here are Opendoor’s top family-friendly cities
Zillow, Opendoor announce multi-year partnership
Opendoor second quarter of 2022 financial results
Home appraisal tips – and what is home appraisal based on
Welcoming Sydney Schaub as Chief Legal Officer
Be Open: Our new brand campaign
8 top home selling mistakes you should avoid
How to write an offer letter for a house
Should I sell my house? 6 questions to ask before you sell
How to sell your house for the most money
Opendoor partners with Lower.com
Open house tips for first-time buyers
The paint colors that can boost your home’s value
Who pays real estate agent commission fees
Sunny skies ahead: Opendoor’s hottest neighborhoods
Opendoor is now live in 50+ markets
The most important things to repair before selling a house
8 critical factors that influence a home’s value
What you need to know about preliminary reports
Introducing a new Opendoor financing app
The Millennial desire for homeownership
Opendoor’s First Quarter of 2022 Financial Results
Opendoor launches in Detroit area and Southwest Florida
What is a cash offer in real estate and why consider it?
The new normal: 2022 Real Estate Trends Report
3+ things I learned at Girl Geek 2022
Opendoor is now live In New Jersey & New York
Opendoor report: Journey of a New Build Buyer
Q&A: Jessie Smith, General Manager, Northern CA
Honey, I shrunk the house!
Opendoor announces Fourth Quarter and Full Year 2021 Financial Results
Feels like home: Opendoor live in the SF Bay Area
Home inspection checklist for buyers
New report: These design trends will reign supreme in 2022
Coast-to-coast: Opendoor’s hottest neighborhoods in the U.S.
Where to next? Opendoor’s most popular zip codes
Welcome home: How you moved with Opendoor in 2021
Q&A: Franklin Muanankese, General Manager, Atlanta
2021 in review: Empowering customers through innovation
Opendoor announces Third Quarter 2021 Financial Results
Welcome home, RedDoor!
Introducing Opendoor Complete: sell, buy and close seamlessly
Opendoor announces hiring plans in Canada
U.S. first-time homebuyers missed billions in work time house hunting
Opendoor launches real-time offers on Realtor.com
Welcoming Amelia Generalis as Chief People Officer
Q&A: Patrick Halligan, General Manager, D.C. area
Opendoor partners with BDX’s NewHomeSource.com
Opendoor expands to D.C., Cleveland & Columbus Areas
Welcoming Skylight & Pro.com to the Opendoor family
Sandy beaches to rolling vineyards – Opendoor’s most popular CA markets
Introducing the most convenient, fastest way to complete your home assessment
Reaching a new milestone: Meet the Petitto family!
Check in with VP of Engineering, Mark Kinsella: One year after joining Opendoor
Opendoor announces Second Quarter 2021 Financial Results
What’s better than a competitive cash offer? Building your brand with Opendoor
How real estate agent saved the sale with Opendoor
Opendoor data reveals what consumers think about today’s real estate market
Opendoor 2021 report: Achieving the American dream
Opendoor now available in more than 40 markets
Introducing Opendoor Agent Access
Open Book: Gillian Tay, Sr. Engineering Manager
Opendoor 2021 report: The hearts & minds behind today’s housing market
Opendoor reaches 100K customer transactions & launches 6 new markets
Open Book: GeLisa Beard, Sr. Pricing Analyst
Opendoor expands to Kansas City, Colorado Springs & Northern Colorado
Opendoor announces First Quarter 2021 Financial Results
Tales from the market: Where people are moving
Q&A with Mike Cieri: Opendoor’s VP of Buyer Product
Opendoor to report First Quarter 2021 Financial Results on May 11, 2021
Opendoor now available in 30 markets; first to bring iBuying to St. Louis
Opendoor increases buying capabilities to empower more sellers
How this retired service member sold his home to Opendoor
Open Book: Sherry Wang, Data Science Manager
Meet Shannon Hodges: Opendoor’s New VP of Sales & Support
Opendoor announces two executive promotions
Welcome John Rice to Opendoor
Opendoor brings iBuying to Boise; launches in 4 new markets
2021 Local Real Estate Trend Report
Opendoor Announces Fourth Quarter and Full Year 2020 Results
Opendoor introduces cash-backed offers, increasing buyers’ chances of winning their dream home
Open Book: Ben Jenkins, Experience Partner
Expanding our footprint to San Diego and Asheville