Mortgage lender Guaranteed Rate has announced the launch of its new PowerBid Approval. This new program is designed to give homebuyers the ability to compete against deep-pocketed cash buyers and institutional investors, the company stated.
Historically low inventory combined with an influx of aggressive cash buyers continues to disrupt the housing market. Not only are more individuals making all-cash offers to buy homes, but so are institutional investors. A recent report from the NAR Research Group found that 13% of residential home sales last year were from corporate interests.
Amidst these disruptions, more and more borrowers are looking to improve their chances of submitting a winning bid on the home of their dreams. Guaranteed Rate is committed to helping make that happen, and PowerBid Approval is their latest tool in that ongoing fight.
PowerBid Approval provides buyers and sellers with the confidence of a fast, fully underwritten approval confirming the borrower is qualified to buy now. PowerBid Approval’s priority turn times mean borrowers get fastest approval, often in less than 24 hours. Less thorough approvals that aren’t fully underwritten often lose out in competitive bidding situations. It’s fast and easy to apply from anywhere, on any device, and a 90-day lock gives borrowers the time they need to find the home they really want.
“At Guaranteed Rate, we are constantly looking for ways to enhance the home-buying experience for our customers,” said Paul Anastos, Guaranteed Rate’s chief innovation officer. “Our exclusive new PowerBid Approval comes at a time when so many people are looking for ways to win in the current market. This incredibly fast and powerful new tool is an awesome way for buyers to stand out and land the house they really want.”
To learn more, visit rate.com/powerbid.