Fintech lender Guaranteed Rate announced the launch of its new PowerBid Approval, a program designed to give homebuyers the ability to compete against cash buyers and institutional investors.
The program 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 fast approval, often in less than 24 hours. Less thorough approvals that aren’t fully underwritten often lose out in competitive bidding situations. Borrowers can apply from anywhere, on any device, and a 90-day lock gives them the time they need to find the home they really want.