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Redfin Mortgage?

Hi everyone,

Quick Background: My SO and I are are first time homebuyers and we are lucky enough to finally be in contract on a home north of Seattle, WA, after a 2 year (3, if you count 2020) hunt. This was our 4th offer of this year. After the first 3, where we waived financing, appraisal, inspection, offered rent buyback, offered a 3 week (or flexible) close, and offered over $25-60K on asking (I know, it isn't a lot over asking), we nailed it with our 4th offer with the house only on the market for 2 days. We learned the sellers wanted to get their asking and wanted a quick close, and we were able to only waive inspection (after inspection and proof of repairs were presented). We were able to offer asking!

Right now, I am working between 3 lenders, one of them is Redfin Mortgage and two local lenders. I was curious about it but haven't seen a lot of discussion on here regarding it. I am curious if anyone has had any experience with them?

Our experience so far: Our Redfin Mortgage lender has been very quick to respond, been helpful, and their rates are the most enticing so far. They are also offering a $1,000 lending credit. They are able to close by our date given an appraisal is waived, too.

Lending/Closing Information:$900s / 20% down / 30 year conventional / high 700s credit score / appraisal waiver for property / 3 week closing.

One of my lenders has the Redfin rates and will give me an updated sheet tomorrow, and my last lender has not given me their initial rundown for the property, so I am excluding them from the table below.

Redfin Mortgage Local Lender
Interest Rate (w/ 0 point) 2.75% / 2.763% APY (Last Friday's rate) 2.99% / 3.030% APY (Last Wednesday's rate)
Est Closing Costs ~$2,700 ~$4,200
Est Prepaid ~$3,500 ~$4,100
Credits -$1,000 Lending Credit TBD
TOTAL Est Closing + Prepaid Costs ~$5,200 ~$8,300

The fact that rates are under 3% is mind-blowing to me already!

Is there anything we are overlooking? Does it seem too good to be true? Thank you!

submitted by /u/afloppypotato
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source https://www.reddit.com/r/RealEstate/comments/pe12q8/redfin_mortgage/
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