ONE major challenge in our jobs as Realtors is asking our seller to accept an offer from a non-qualified borrowers or wasting valuable time showing homes to non-qualified borrowers. A fully underwritten, credit qualified approval is different than a pre-approval letter. Buyers that have a qualified preapproval letter will put them at the head of the buyer’s pack when it comes to making an offer. By talking to Chad, a lender, and getting fully underwritten before starting your home buying search can ease the process of a buyer finding their dream home and/or signing a Purchase Agreement.
Here are some reasons of how the buyer and seller will benefit greatly:
Benefits to the Borrower
- Offers are more likely to be chosen due to a pre-approval from a professional underwriter.
- Borrowers shop with confidence knowing they are Bank approved.
- Borrowers know exactly how much house they can qualify for.
- Ample time to gather conditions, reduces stress.
- Because they can lock on shorter terms they get better pricing on Interest Rates.
- Able to relax during the closing process as docs are out days in advance.
- Reduces heartbreaking last minute bank denials or surprises.
- Enjoy 2 Day (48 hour) Turn Times.
- Underwriters will clear make or break conditions prior to the Purchase Agreement.
- Order the appraisal the day the Purchase Agreement is signed.
- Have income, credit and employment reviewed before a Purchase Agreement is signed.
- Conforming credit is good for 90 days, FHA/USDA/VA 120 days.
- Able to lock as a TBD to take advantage of the market if needed.
Call Chad Richmond today if you would like more information!!!
NMLS – 269430
Aduddell Mortgage Group
3602 S. Broadway Suite 229
Edmond, Oklahoma 73013