Navigating the home search process can be stressful enough without the added pressure of lining up mortgage financing and negotiating a purchase.
Now OfferPad, a direct online home purchase program has partnered with loanDepot, the second largest non-bank consumer lender, to offer a new digital financing option for buyers.
OfferPad Home Loans, available to buyers on the OfferPad site, allows customers to apply for a loan when they are shopping for a home. Homeowners can request a purchase offer through OfferPad and receive one within 24 hours through the platform. Once they accept the offer, the sellers can choose a closing date. If they are moving locally, OfferPad will pay for their move.
In addition to providing digital mortgage loan application services through loanDepot, the companies are also offering bridge loans to help sellers overcome the obstacle of timing the purchase of a new home with the sale of an existing home. Homeowners with an instant offer from OfferPad can apply for a bridge loan through loanDepot since they have the security of a guaranteed offer for their home.
The two companies plan to introduce other initiatives in the future. In addition to providing direct connections between buyers and sellers, OfferPad can connect buyers with a local real estate agent to help them with the purchase process.
OfferPad, currently available in Charlotte, Atlanta, Tampa, Orlando, Los Angeles, Las Vegas, Salt Lake City and Phoenix, intends to expand to additional markets in the future.
For more information, visit www.offerpad.com.
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