Rocket Companies has finalized its acquisition of Redfin for a reported $1.8 billion, consolidating the most-trafficked brokerage site with the nation’s largest retail mortgage lender.
With the close of the acquisition, Rocket positions itself as both a media destination and a vertically integrated housing finance platform.
While no operational restructuring or staffing announcements accompanied the release, the companies indicated that further joint products would roll out in the months ahead.
Redfin, now operating under the “Redfin Powered by Rocket” brand identity will bring its digital home search platform and agent network under the Rocket umbrella. Rocket Companies CEO Varun Krishna positioned the acquisition as an alignment of complementary user experience philosophies: “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. 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.”
The two companies have also introduced Rocket Preferred Pricing, an incentive program offering either a 1% interest rate reduction for the first year of a mortgage or a lender credit of up to $6,000. The benefit is available to qualified borrowers who both finance through Rocket Mortgage and transact with a Redfin agent or buy a Redfin-listed property. Eligible loan types include conventional, FHA, and VA mortgages.
Glenn Kelman, CEO at Redfin, said: “The gulf between the American Dream of homeownership and reality has never been wider. 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.”
Join our community of 200,000+ real estate leaders and get weekly insights and updates with our newsletter.
*Offer ends on Friday, 7th February.
