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Opendoor Home Loans exits beta with new fixed-rate and ARM options
The mortgage offerings are available for any home purchase in Opendoor Home Loans licensed markets, with pricing tied to a menu of 30-, 20-, and 15-year fixed terms plus multiple ARM structures.
Opendoor has taken its mortgage unit out of beta and is now offering a full menu of home loans in markets where it is licensed, HousingWire reports. The company said the product lineup includes 30-, 20-, and 15-year fixed-rate mortgages as well as several adjustable-rate mortgage options: 5/6, 7/6, and 10/6 ARMs.
The launch applies to borrowers buying any eligible home in those licensed markets, not just properties owned by Opendoor. Opendoor’s home loans unit said customers can prequalify in minutes without a hard credit pull, complete a digital application with online income and asset verification, and upload and verify documents online with fewer handoffs through closing.
HousingWire notes the push comes as borrowing costs have risen. Its Mortgage Rates Center showed an average rate of 7.01% for a 30-year conventional fixed-rate loan, down 5 basis points from the prior week.
Opendoor previously launched the mortgage effort in 2019, later shutting it down in 2022 due to higher rates. HousingWire also says Opendoor in February announced a new mortgage product to a limited group of users, as the company returns to home financing while it has targeted ways to control costs and reduce friction in the lending process.