Detroit-headquartered Rocket Companies (NYSE: RKT), has completed its $1.75 billion acquisition of Redfin.
With the closure of the acquisition, Redfin has adopted a new brand identity as “Redfin Powered by Rocket.” The companies also introduced Rocket Preferred Pricing, which will provide either a one percentage point first-year interest rate deduction or up to a $6,000 lender credit at closing to clients who finance their home through Rocket Mortgage and buy a home listed by a Redfin agent or purchase with the help of a Redfin agent. Rocket Preferred Pricing is available to qualified clients buying a home with conventional, FHA or VA loans.
The companies also plan to launch additional products and services for homebuyers, real estate agents and mortgage brokers in the coming months.
“The gulf between the American Dream of homeownership and reality has never been wider,” said Redfin CEO Glenn Kelman. “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.”
“I’ve used Redfin every day for the last 20 years. It helped me find and fall in love with my first home, completely changing how I thought about real estate,” said Varun Krishna, Rocket Companies CEO. “The Redfin team is best-in-class in building a product experience focused on simplicity. It was a perfect fit for Rocket’s vision of what the homeownership experience should be.”
Great new Deal
One big monopoly to control them all. I’m sure this wont bite realtors in the behind.