Guaranteed Rate's New PowerBid Approval Helps Homebuyers Compete Head-to-Head with All-Cash Offers

Ultra-fast fully underwritten approval turns borrowers into power buyers

CHICAGO, July 21, 2022 /PRNewswire/ -- Guaranteed Rate, a cutting-edge mortgage lender driven to be the nation's top Fintech, is proud to announce the launch of its new PowerBid Approval. This exclusive new program is designed to give homebuyers the strength, speed and confidence they have to have to compete against deep-pocketed cash buyers and institutional investors.

Historically low inventory combined with an influx of aggressive cash buyers continues to disrupt the housing market. 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 our new PowerBid Approval is our latest tool in that ongoing fight.

Guaranteed Rate's new 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 our 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 homebuying 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."

Not only are more individuals making all-cash offers to buy homes, but so are institutional investors. In fact, a recent report from the National Association of Realtors Research Group found that an amazing 13% of residential home sales last year were from corporate interests. All of which means that regular buyers need to be armed with as much homebuying 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 you can get. PowerBid Approval, exclusively from Guaranteed Rate, gives you the pure homebuying horsepower you need to outbid the competition and meet the time constraints of "best and final."

Learn more at rate.com/powerbid.

PowerBid Approval (the "Approval") is contingent upon receipt of executed sales contract, an acceptable appraisal supporting value, valid hazard insurance policy, and a re-review of your financial condition. 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 which would impair your ability to repay this obligation and/or if any information contained your application is untrue, incomplete or inaccurate. Receipt of an application does not represent an approval for financing or interest rate guarantee. Not all applicants will be approved for financing. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.

Guaranteed Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, the Guaranteed Rate Companies have more than 10,000 employees in over 850 branches across the U.S., serving all 50 states and Washington, D.C. Since its launch in 2000, Guaranteed Rate Companies have helped more than 1 million homeowners with home purchase loans and refinances, with a total loan volume of more than $116 billion in 2021 alone. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates and delivering unparalleled customer service. Honors and awards include: Top Lender for Online Service for 2018 by U.S. News & World Report; Best Mortgage Lender for Online Loans and Best Mortgage Lender for Refinancing by NerdWallet for 2021; HousingWire's 2020 Tech100 award for the company's industry-leading FlashClose℠ technology; No. 3 ranking in Scotsman Guide's 2021 list of Top Retail Mortgage Lenders; Chicago Agent Magazine's Lender of the Year for six consecutive years; and Chicago Tribune's Top Workplaces list for seven consecutive years. Visit rate.com for more information.

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SOURCE Guaranteed Rate Companies