Stop Fooling Around Buying a House

 In First-Time Home Buyers, Qualifying for a Mortgage

Unless you have enough cash to buy a house, you’re going to need a mortgage.  If you were selling a house, and two people offered you the same amount of money – one offering cash and the other needing a mortgage – you would probably choose the cash offer.  There’s less uncertainty, and that’s what you want when you are selling a house.  

Want to make your offer as attractive as a cash offer?  Here’s how to do it.

It’s really very simple.  Get your mortgage approved before you start making offers.  We can do that for you.  It’s free and it only takes about two weeks.  

Pre-Approved vs. Fully-Approved

There is a huge difference between a mortgage pre-approval and a fully approved mortgage.  A pre-approval is supposed to mean that your lender has reviewed your credit, income, and assets, and run your loan file through the underwriting software that gives us the pre-approvals.  If everything the lender entered in the software is correct, the human underwriter will approve the loan and you can buy your house.  

However, lenders aren’t always careful about what they enter in the underwriting software.  Many of us are really quite lazy and dull.  Learning how to do things correctly is not exactly at the top of our list.  We get paid well, and if a deal falls apart because we didn’t do our jobs correctly, who really cares (except for the poor homebuyer whose loan falls apart, and the poor real estate agent whose commission check disappears)?

Our Loans

Although our loans always close (Debbie used to be an underwriter, so there’s no mystery when it comes to what underwriters are looking for), and we both take a great deal of pride in doing things correctly, the seller doesn’t know that, and the seller’s real estate agent doesn’t know that.  Your offer – even though we know with 100% certainty that it will close – gets treated like everyone else’s offer.  Your pre-approval does not give you a competitive advantage at all.

The way to combat that is to get your mortgage fully approved before you start making offers.  Again, it’s free and only takes about two weeks.  Once your loan is approved by underwriting, we can tell the real estate agent representing the seller that all we need is an appraisal and the deal will close.  This really works.  Time after time, we have done this and our clients’ offers get accepted.  They have to be good for enough money, of course, but if your offer is for the same amount as someone else’s, and the other offer is not fully approved, your offer will probably be the one that gets accepted.

Want to be more competitive with your offers?  Contact us today to get started.  Need to refinance?  Contact us today.  You won’t believe how easy it is to get a mortgage when you use us as your lender.

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