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Are you a frustrated buyer?

Are you frustrated with the process of purchasing a house in today’s market?  Are you seeing  multiple offers being received on houses the first day they are on the market?  Although that is a good sign for our economy, it can be a very frustrating process for homebuyers; especially first-time homebuyers who have never been through this process.   How do you make sure you get the home you want?

I believe it starts with the lender.  We make sure that you are pre-approved to purchase a house vs. being prequalified.   Is there a difference?   At Fairway mortgage, a preapproval is given only when an underwriter has reviewed your income and asset documentation.   Typically, this means that your offer is only subject to the house appraising and title coming back with no issues.   A prequalification letter means that the lender has looked at your documents.   From some of our competitors, they are giving prequalification letters after only getting the borrower’s information over the phone.   No documents are reviewed or double-checked.  The prequalification is based only on what the borrower has told the lender.   If you were a seller of a home that was in high demand and reviewing different letters, which would you prefer?

We will also review your lending options and prepare you for a bidding war situation.  Do  you know how much cash you will need if the offer is not subject to the house appraising?  We will work through those scenarios with you and answer your questions nights and weekends.  You will have the confidence of knowing what your offer will actually cost vs. guessing how much you might need.

I have also found that it helps to review your information with the listing agent (of course this is approved by the borrower).   We can reassure them of the strength of our borrower, and of our track record of closing on houses on the day that we say we will close.  Experience and reputation matters.   The listing agent is also staking their reputation on the fact that a particular lender will close on the loan on time.

Finally, we offer to our clients the flexibility of closing when they want to close.  This can be as little as two weeks or a year from now.  We don’t confine ourselves to 30 or 45 days.  If a seller needs to move a property quickly, isn’t it helpful to know that you can be the borrower that can help them achieve that goal?

At Fairway Independent mortgage, all we do is mortgage and we are very good at it!