Guaranteed Rate, self-described as a cutting-edge mortgage lender, has launched its PowerBid Approval, a tool designed to give homebuyers the strength, speed, and confidence they need “to compete against deep-pocketed cash buyers and institutional investors,” company officials said.

Historically low inventory combined with an influx of aggressive cash buyers continues to disrupt the housing market, officials noted. Amid such market disruptions, an increasing number of borrowers have been prompted to explore methods of improving their chances of submitting a winning bid on the home of their dreams.

Enter PowerBid Approval, which officials described as “our latest tool in that ongoing fight.” According to company officials, the product provides buyers and sellers with the confidence of a fast, fully underwritten approval confirming the borrower is qualified to buy now.

“PowerBid Approval's priority turn times mean borrowers get our fastest approval, often in less than 24 hours,” a press release accompanying the news said. “Less thorough approvals that aren't fully underwritten often lose out in competitive bidding situations.”

The process is described by the company as “fast and easy to apply from anywhere, on any device, and a 90-day lock gives borrowers the time they need to find the home they really want.”

Added, the company’s chief innovation officer is quoted as: "At Guaranteed Rate, we are constantly looking for ways to enhance the homebuying experience for our customers. Our exclusive new PowerBid Approval comes at a time when so many people are looking for ways to win in the current market. This incredibly fast and powerful new tool is an awesome way for buyers to stand out and land the house they really want."

In announcing the launch, the company provided statistics showing that a growing number of individuals have joined institutional investors in making all-cash offers on homes. A recent report from the National Association of Realtors Research Group found that 13% of residential home sales last year were from corporate interests. “All of which means that regular buyers need to be armed with as much homebuying firepower as possible to compete in this market,” officials said.

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