FAQs

How do I get started?

The first step to getting your mortgage is to get prequalified. Whether you’re starting your search for a new home, or you’ve already found the perfect one, we can help give you a clearer idea of your price range based on your financial situation. You can get prequalified over the phone in minutes and it doesn’t impact your credit score.

Where does Opendoor Mortgage operate?

At this time, we’re only offering loans in Texas. We plan to expand to more states soon to provide buyers with a simpler, stress-free way to finance their next home purchase.

What are your rates?

We offer competitive interest rates. Your exact rate depends on a number of factors, including your credit score, the type of mortgage you choose, the length of your loan, and how much money you put down.

What will my closing costs be?

Unlike other lenders, we don’t charge an application fee. Your closing costs will consist of third-party fees, such as appraisal and title fees. Your Mortgage Consultant will be able to provide an estimate.

What types of loans do you offer?

We offer two types of loans at this time: conventional fixed-rate mortgages, and adjustable rate mortgages (ARM). Our conventional fixed-rate mortgages are available in 30, 25, 15, or 10 year terms. Our adjustable-rate mortgages are available in 5, 7, or 10 year fix terms for a duration of up to 30 years. That means after your initial term is over, your rates adjust to market conditions. For more information on products and rates, please speak with your Mortgage Consultant.

Can I refinance my home with Opendoor Mortgage?

We do not offer refinancing at this time.

Do I need to buy an Opendoor-owned home to use Opendoor Mortgage?

Absolutely not! We’re happy to help you finance any home purchase in Texas.

Can I coordinate my closing dates if I’m buying and selling with Opendoor?

Absolutely. We work closely with the Opendoor home buying, selling, and trade-in teams to ensure a smooth closing. If you’re buying and selling an Opendoor-owned home and selling to Opendoor (also known as trading in your home to Opendoor) you can even close on both homes in the same day.

How long does it take to get a mortgage?

We aim to close your loan as quickly as possible, however a number of factors can impact your timeline. For the best results, focus on organizing your financial documents early and respond as quickly as possible to your Mortgage Consultant or Loan Processor.

Do you offer FHA/VA loans?

We don’t offer FHA or VA loans at this time. However, we do offer conventional loan that require as little as 3% down, depending on your financial situation. For more information, please speak with your Mortgage Consultant.

How much do I need to put down?

At a minimum, borrowers should expect to put down 3%. The exact amount required will ultimately depend on your financial situation and purchase price. Private Mortgage Insurance (PMI) may be required for down payments under 20%.

What credit score do I need to get financing?

Opendoor Mortgage’s loan products require a minimum of a 620 credit score. As we expand our available products, this may change.

I’ve declared bankruptcy in the past. Can I still get a loan with Opendoor Mortgage?

We can provide loans to borrowers who have been discharged from bankruptcy not earlier than four years prior to loan funding.

How do I get up to $1,000 towards my closing costs?

When you finance your home purchase with Opendoor Mortgage, we’ll provide up to $1,000 towards your closing, for a limited time only. The $1,000 credit is automatically applied to your closing statement.

This amount may be prohibited or reduced on the basis of seller contributions, loan type (e.g. FHA, VA), or law. To qualify, (1) a borrower must submit a complete loan application, and (2) borrower must qualify under Opendoor Mortgage LLC’s standard underwriting criteria for an available loan product. This offer is subject to ending without prior notice, and available only for purchases of property in Texas. This offer is void where prohibited by law. Terms are subject to change.

Will Opendoor Mortgage service my loan?

Opendoor Mortgage will not service your loan. We’ve enlisted the help of leading mortgage servicers to facilitate your ongoing monthly payments. All of our partners have been throughly vetted to ensure you’re getting the best customer service from day one.

When your loan transitions over to a new servicer, we’ll send out instructions on how to set up your account and start making monthly payments. Every detail regarding your loan terms—such as principal, interest rate, term, and monthly payments—will remain exactly the same. As always, if you have questions or concerns during this transition, please give us a call.