PowerBid’s new guaranteed rate approval helps buyers compete head-to-head with all-cash offers

Fully Underwritten Lightning-Fast Approval Turns Borrowers into Power Buyers

CHICAGO, July 21, 2022 /PRNewswire/ — Guaranteed rate, a leading mortgage lender determined to be the best Fintech in the country, is proud to announce the launch of its new PowerBid endorsement. This exclusive new program is designed to give homebuyers the strength, speed and confidence they need to compete with cash buyers and deep-pocketed institutional investors.

Historically low inventories combined with an influx of aggressive cash buyers continue to disrupt the housing market. Amid these disruptions, more and more borrowers are looking to improve their chances of submitting a winning bid on their dream home. The Guaranteed Rate is committed to helping achieve this, and our new PowerBid Approval is our latest tool in this ongoing fight.

PowerBid’s new Guaranteed Rate Approval gives buyers and sellers the confidence of a fast, fully underwritten approval confirming the borrower is qualified to buy now. PowerBid Approval’s priority turnaround times mean borrowers get our fastest approval, often in less than 24 hours. Less thorough approvals that are not fully subscribed often lose out in bidding situations. It’s quick and easy to apply from anywhere, on any device, and a 90-day foreclosure gives borrowers the time they need to find the home they really want.

“At Guaranteed Rate, we are constantly looking for ways to improve the home buying experience for our customers,” said Paul Anastos, Chief Innovation Officer of Guaranteed Rate. “Our new exclusive PowerBid Approval comes at a time when so many people are looking for ways to win in today’s market. This incredibly fast and powerful new tool is a great way for buyers to stand out and get the home they want. really want.”

Not only are more and more individuals making cash offers to buy homes, but so are institutional investors. In fact, a recent report by the National Association of Realtors Research Group found that 13% of residential home sales last year came from corporate interests. All of this means regular buyers need to be armed with as much firepower as possible to compete in this market.

If you’re looking to compete in today’s tight real estate market, you need every advantage possible. PowerBid approval, exclusively from the guaranteed rate, gives you the pure home buying power you need to outbid the competition and meet the time constraints of “best and final”.

Learn more about rate.com/powerbid.

PowerBid’s approval (the “Approval”) is conditional upon receipt of a signed contract of sale, an acceptable appraisal supporting the value, a valid risk insurance policy and a new examination of your financial situation. Guaranteed Rate, Inc. reserves the right to revoke this approval at any time if there is a change in your financial condition or credit history that would adversely affect your ability to repay this obligation and/or if information contained in your application are false, incomplete or inaccurate. Receipt of an application does not constitute an approval for financing or a guarantee of interest rates. Not all applicants will be approved for funding. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.

About Guaranteed Rate Companies

Guaranteed Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate Guarantee Companies have more than 10,000 employees in more than 850 branches across the United States, serving all 50 states and Washington, D.C. Since their launch in 2000, Rate Guarantee Companies have helped more than million homeowners with purchase loans refinances, with total loan volume exceeding $116 billion in 2021 alone. The company has established itself as an industry leader by introducing technology innovative, offering low rates and providing unparalleled customer service. Honors and awards include: Best Lender for Online Service for 2018 by US News & World Report; Best Mortgage Lender for Online Loans and Best Mortgage Lender for Refinance by NerdWallet for 2021; HousingWire’s 2020 Tech100 Award for the company’s leading FlashClose℠ technology; #3 in the Scotsman Guide’s 2021 list of top retail mortgage lenders; Chicago Agent Magazine’s Lender of the Year for six consecutive years; and the Chicago Tribune’s Best Workplaces list for seven consecutive years. Visit rates.com for more information.

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SOURCE Guaranteed Rate Firms

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