The transaction between Redfin and Rocket Companies faced no opposition from antitrust regulators and received shareholder approval on June 4. Varun Krishna, CEO of Rocket Companies, highlighted the synergy between Redfin's home search platform and Rocket's mortgage services. Redfin's platform attracts 50 million monthly visitors and features over 1 million listings. The partnership introduces Rocket Preferred Pricing, offering reduced interest rates for homebuyers using Rocket Mortgage with Redfin listings. Redfin will also introduce new products to further enhance the home-buying experience, aiming to bridge the gap towards achieving the American Dream of homeownership.
The completed transaction merges Redfin's home search platform, which is comprised of 50 million monthly visitors, 1 million active purchase and rental listings and its network of over 2,200 agents, with Rocket's mortgage services.
Rocket Preferred Pricing allows homebuyers who use Rocket Mortgage for financing and either purchase a Redfin-listed home or work with a Redfin agent to receive a one-percentage-point interest rate reduction for the first year of their loan.
Rocket Mortgage and Redfin plan to launch additional products and services for homebuyers, real estate agents and mortgage brokers in the coming months.
The reason Rocket and Redfin came together was to bridge that gap, so that the people who spend their days dreaming on Redfin.com can easily use Rocket financing to own their dream.
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