PowerBid from Rate helps you compete with cash
Don’t get beat! PowerBid lets you compete with cash offers to bid, buy and close fast.
Buy a home fast
Our turnaround times mean you can become a power buyer within 24 hours.
Strong underwriting
Fully underwritten credit approval* helps you compete with cash buyers and tells sellers you are serious.
Flexible homebuying option
Approval is good for 90 days, giving you time to find your dream home.
What’s the difference between pre-qualification and pre-approval for a mortgage?
Pre-qualification relies on data you provide and gives you an idea of how much you could qualify to borrow.
Pre-approval involves a deeper dive into your financial history and provides you with a pre-approval letter. The letter details the maximum you could borrow and the mortgage interest rate you could qualify for. Pre-approval allows you to make an offer and move quickly once you find that perfect home.
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. 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 Rate for current rates and for more information.
**Rate’s 5-minute pre-approval refers to an automated underwriting review of borrower submitted loan documentation and subsequent pre-approval and should not suggest to a borrower that Rate has fully funded or approved the borrowers mortgage application within 5 minutes. Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Restrictions apply.