Would you like to be able to tell the seller and listing agent that you can close in 17 days or less, without having long contingency periods?
Imagine being able to move into your dream home in 17 days and completing the process without the normal stress and anxiety that can come from a traditional purchase.
If you are in the market to buy Real Estate in San Diego, you understand that you have to have every advantage possible to get your offer accepted in our current seller’s market where inventory is at historical lows.
That is where I can help! My Ready to Move Pre-Approval Process can give you all the above benefits and more, when you are looking to buy a home. Let me explain how it works, who can take advantage, and how to start the process.
Ready to Move Pre-Approval Process
The Ready to Move Pre-Approval Process is a special program that I offer with my team, The Mortgage Planners at RWM Home Loans. Although getting a traditional loan pre-approval is a great way to start the home buying process, it does not differentiate you from most other buyers in the market. The Ready to Move Pre-Approval Process will! This program is designed to allow you, as the buyer, to become approved by an actual underwriter prior to ever putting in an offer on a home. There is no up-front cost or requirement that you even use me to obtain your home loan when the time comes. This is not offered by most San Diego mortgage lenders!
A traditional loan pre-approval consists of the loan officer reviewing the income and asset documents you provide, running a credit report, and submitting your file through a computer program called an automated underwriting system. If your information looks to meet the home loan program guidelines, you are considered pre-approved. Your file is never reviewed by an underwriter to confirm that you are approved for a mortgage. Once you have an accepted purchase offer, your home loan file would then be submitted to an underwriter and if your loan officer did a good job initially, the underwriter will provide a loan approval. If the underwriter does not agree with the loan officer, or finds something else in the file that a loan officer would not look for, your home loan may not be approved. At that point, you are in escrow on a property, have spent money on inspections, and are left without an approved home loan.
Even if your loan is initially approved by an underwriter, you usually will have a number of conditions that you will have to submit to get your file fully approved. These conditions could change the outcome of the approval or just take a long time to gather. These unknowns cause anxiety, stress, and in some cases, fear that you will not secure the home loan or close on time.
The Ready to Move Pre-Approval Process removes that anxiety, stress, and fear of the unknown so that once you are in contract, you can have ease of mind during the escrow period, relax, and think about how great it will be to move into your home in 17 days or less. This process is designed so that a full loan file, including income, assets, credit report, letters of explanation, and verifications of employment are sent to an underwriter prior to ever submitting any offers. The underwriter will review and grant a full home loan approval with the only conditions being the appraisal, review of purchase contract, and termite clearance if a termite report is required.
This allows you as the buyer to have the confidence to know that you are going to be able to close your home loan without anxiety or stress and be able to make your purchase offer the strongest possible. Since all your conditions on your home loan are already cleared, you do not have to have a traditional 21 or 17 day loan contingency in your offer. You could get away with making it a 7 day loan contingency or none at all if you desired. This is going to make your offer more competitive than most others with financing, because the seller and listing agent will know you are a serious buyer and it will make them feel more comfortable accepting your offer.
The Ready to Move Pre-Approval Process allows you as a buyer to submit an offer with a home loan that is more like an all cash offer. This is due to the fact that your loan is already credit approved, you can close in 17 days or less, and you can have a short or no loan contingency period.
Who Can Take Advantage of The Ready To Move Pre-Approval Process?
The Ready To Move Pre-Approval Process is available to any buyer who is looking to use a conventional conforming loan, FHA loan, VA loan, and many Jumbo Loan programs. This will cover most buyers and their situations, but there will be times where a buyer does not fit into one of these programs or have a very unique situation where we would have to broker your file to a mortgage lender directly for underwriting. If that is the case, we would have to offer a traditional pre-approval letter.
How to Start the Process
If you would like to take advantage of this great program, it is easy to get started. I would need to collect an application, which can be done by phone, in person, or through my secure online application portal. I would also need to collect some income and asset documentation along with some other items depending on your job type and home loan scenario. In addition, there are 5 simple documents that need to be signed. Once we have collected all the documentation requested, your file will be submitted to an underwriter for review. The review process usually takes 24 – 48 hours. If the underwriter places conditions on the file, we will contact you to request those items. Once you have submitted them to us, we will send those back to the underwriter for review. In most cases, we can get the full underwriter approval done in about 7 business days.
The benefit of this program is worth planning ahead to get this process done prior to searching for homes. With a little initial planning, your offer will be stronger with a better chance of getting into escrow, you will have less stress and a better escrow experience, and your Realtor will be happy because it will make their job easier.
If you would like to take advantage of The Ready to Move Pre-Approval Process to make your offer stand out and decrease your stress during your home purchase, please feel free to call me at 619-312-0612 or contact me HERE. If you would like to get a Free Rate Quote please click HERE.