Loans that Compete with Cash | Monday Minute

Most often when buying a home, the average buyer will be applying for a home mortgage loan.  In a competitive market when coming up against cash buyers, sometimes it is hard to compete, especially with cash buyers quicker settlement timeframes.  But what if you could match those quicker settlement timeframes and still get approved for a mortgage? Well, there is a way.  A lot of the time during the loan process is spent on retrieving specific lender required documents, financial statements, taxes, and responding to any requests from underwriting requirements.  But what if you could take care of this before writing a contract?  Well, that is the key.  Instead of wasting precious contract days on documentation gathering, doing this upfront work will save you potentially weeks off the normal mortgage approval timeframe.So why don’t buyers do this more often?  Well, the normal response we get is that they don’t want to discuss loan options unless they already have found a home that they want to purchase.  However, with a little bit of prep work at the beginning could be the difference between winning the contract vs going back to the drawing board.After getting all of your documentation into the lender, and getting the file pre-underwritten, the lender can provide you with a Loan Commitment letter vs just the average approval letter, giving you the ability to close in 15-18 days, giving you an edge over the competition.  That commitment letter also lets a seller know that you are truly a qualified buyer and takes a lot of worry off of them that financing has any chance of falling through at the 11th hour.If you are in the market to buy a home and want to give yourself a competitive edge, we can help you craft the winning offer.  Give us a call today.  We look forward to hearing from you!