Make an All-Cash Offer with Our CashBuys Program

June 1, 2022

mortgage blog, all-cash offer, cashbuys, cash buys program

Homebuyers looking to buy a home in today’s market know that all-cash offers can often win the bidding war. For those buyers who have the cash, that’s great. What about everyone else? The CashBuys program is designed to give you a winning edge.

With the CashBuys program, you can compete for your dream home by offering an all-cash offer without having to pay cash upfront. How? Our CashBuys program helps qualified homebuyers get pre-approved as cash buyers. After the transaction closes, we immediately buy the property and you get a fixed-rate mortgage: fixed monthly payments, homeownership, and no surprises.

A cash offer with the CashBuys mortgage program removes the financing contingency, keeps escrow moving quickly, and leads to a fast close in just 15 days. Right now, mortgage rates are low enough to consider securing a mortgage even if you have enough liquid assets to make an all-cash offer. With the CashBuys program, you can secure a fixed-rate mortgage with favorable loan terms and still make an all-cash offer to win your perfect home.

All-cash offers give homebuyers a competitive edge.

All-cash offers are often a strategic move when multiple offers are put forward on a new home. Paying cash will help your offer stand out and show the seller you’re serious.

Right from the start, the seller knows that you won’t need to secure financing. Financial contingencies are removed along with other common financial hurdles. In short, you won’t need additional approval in order for the sale to go through.

All-cash offers help new homebuyers exercise freedom and opportunity, especially in areas where the housing market is competitive.

How to Take Advantage of the CashBuys Mortgage

With a CashBuys home loan, you can make an all-cash offer on your dream home (yes, without paying cash). Then, as your mortgage partner, we buy the loan on your behalf and immediately sell it to you once the sale closes. This is a fantastic advantage in today’s market.

This unique CashBuys program allows you to operate as a cash buyer when negotiating with the seller. Then, after the transaction closes, you’ll have a regular fixed mortgage with favorable loan terms. No surprises. No risk.

You can make an ALL-CASH OFFER on your dream home
Make an offer without contingencies (only the home inspection is required)
Close in 15 days (later if you and the seller would like a later date)
After the close, enjoy a fixed-rate mortgage with steady mortgage payments
Only a 10% down payment required

Eligibility for the CashBuys Home Loan Program

Borrower criteria are more strict for the CashBuys program, but the benefits are worth pursuing.

Qualified borrowers will typically meet the following requirements:

Conventional home loans only (up to $650k)
Primary residence required
A minimum credit score of 700+
Verified assets and cash reserves
3% Earnest money down
10% Minimum down payment
1.5% Processing fee (+ $995 underwriting fee)
Conventional Home Loans only (up to $650k)
Verifiable income and employment

Tips to Maximize Verified Income and Assets

Most of us can’t flip a switch to increase our income. However, you’ll qualify for the best home loan when you can verify additional income. Employment is only one aspect of qualified income.

Consider the following revenue streams and be sure to include them if they apply to you:

investment gains, interest, and dividends
restricted stock units (RSU)
employee stock purchase plans (ESPP shares)
rental property income
business income
spousal support and/or child support

3 Steps to Apply for the CashBuys Program

Step 1: Connect with a local mortgage advisor.

Touch base with a local mortgage advisor as soon as you start shopping for your dream home. Making an all-cash offer with the CashBuys mortgage program will give a competitive edge and a fast close. A local mortgage advisor will understand the challenges of the housing market in your area and can get your application approved quickly.

Find a qualified mortgage expert in your local area.

Step 2: Gather required documentation and apply early.

The CashBuys mortgage program requires standard documentation like most other home loans. But it’s important to start the process early to make sure everything is approved, so you’re ready to make an all-cash offer when you find your perfect home.

Ask your local mortgage advisor for a quick list to help keep things on track. An experienced mortgage advisor will do the extra work to verify your income and put the documentation in order to help get you approved quickly for the CashBuys home loan.

Here’s the documentation you may need:

Identification such as a passport or driver’s license
Employment verification
Proof of income (e.g., pay stubs, W-2 statements, bonuses, alimony)
RSU, ESPP shares, or other stock options
Tax returns for the past two years
Recent bank statements
Investment account statements

Step 3: Make All-Cash Offers

Shop with confidence, knowing that you’ll stand out as a buyer—no worrying about whether or not your financing will get approved. What’s more, you’ll get the added tax benefits of a regular mortgage after the close. Mortgage interest and property taxes are tax-deductible in most states across the country. Check with your tax accountant to verify the tax laws in your state and confirm your savings.

Enjoy a 15-day close, a fixed monthly mortgage payment and the keys to your dream home.

Summary

Years ago, homeowners dreamed about paying off their mortgage and living debt-free. But using a mortgage to borrow money at a low rate can be a fast path to financial freedom. The CashBuys mortgage can help you shop as a cash buyer, then leverage low-interest rates to secure a fixed-rate mortgage. What’s more, there are financial and tax advantages to having a mortgage on your principal residence.

Taking Action

If you’re considering making an all-cash offer on a new home, now is the time to take action. Our CashBuys program can give you the competitive edge of a cash offer and a low-interest home loan with favorable terms for qualified buyers. Connect with a mortgage advisor to discuss your goals. The CashBuys mortgage program can help you build wealth and establish financial stability. We’d love to help.

5 Strategies to Beat an All-Cash Offer

November 16, 2021

blog, all-cash offer, preferred rate, mortgage blog

You’ve probably heard recent stories of bidding wars and all-cash offers taking place more often. The truth is, getting beat by an all-cash offer is all too common for many new homebuyers today. All-cash offers are attractive to sellers for obvious reasons—they close fast and the money is all but guaranteed. So if you’re frustrated or disappointed, you’re not alone. But you can beat an all-cash offer with these five strategies.

USE THESE 5 STRATEGIES TO BEAT AN ALL-CASH OFFER

As we head into the holidays, there tends to be less inventory on the market and more stress in the negotiations. So yes, all-cash offers are on the rise in today’s housing market (almost 1 in 4). But these five strategies will help you compete against an all-cash offer.

1. Get pre-approved for your new mortgage

Getting pre-approved for your mortgage means that your lender has fully verified your loan. Your credit report, finances, income verification, employment—every step has been completed and your loan is all but funded. This gives the green light to the seller that your loan is fully approved, not just pre-qualified.

Ultimately, when you get pre-approved for a mortgage, the seller knows your financing will follow through as promised.

2. Increase your good faith deposit (earnest money down)

Your good faith deposit, or earnest money down, is the amount you put down to reserve your right to buy the home. A good faith deposit shows the seller that you’re serious about your offer. If you decide to walk away after you’ve made an offer with earnest money down, the seller can keep your deposit.

It’s a strong move to show the seller how much you’re willing to risk losing (if you walk away) and that you’ll do everything you can to win the bid against an all-cash offer.

If you want to stand out in the competition, consider increasing your earnest money down. If the seller rejects your bid, you won’t lose your good faith deposit. But it shows the seller how much you’re willing to risk with real dollars.

3. Make an offer above the asking price

All-cash offers often come in under asking. Even in a bidding war, homebuyers who bring an all-cash offer are betting that the seller will lower the price in exchange for an easy sale. This is your opportunity to raise your offer. Going above asking is another way to stand out and beat an all-cash offer.

Consider talking to your realtor about including an escalation clause. This allows you to raise your offer automatically (up to a limit) if someone else bids higher.

4. Waive a few contingencies

All-cash offers make the transaction easy on the seller. You can make things even easier by waiving some of the standard contingencies. For example, consider waiving the financing contingency—this means you won’t be able to back out of the offer if the mortgage doesn’t fund. But if you get pre-approved for your mortgage, you can be confident that your loan will be funded.

Talk with your realtor to consider waiving other contingencies as well: the appraisal contingency, sale contingency, and inspections contingency. Discuss each contingency with your real estate agent and decide what kind of risk you’re willing to take. Waiving contingencies is a great strategy to win over a seller and beat an all-cash offer.

5. Write a personal letter

Believe it or not, writing a personal letter to the sellers can really make a difference. Buying and selling a home is an emotional decision for most buyers and sellers. Writing a letter is a reminder that we’re all human here.

After the offers and financials are considered, a personal letter can go a long way to help you stand out and beat an all-cash offer. Many homeowners actually choose buyers who they can imagine living in their home once they’ve packed up and moved on.

You can include specific things you love about the home, why it’s a great fit for your family, or how you see your family growing and building a life here. Don’t be afraid to set yourself apart and bring your emotion to compete against an all-cash offer.

Taking Action

If you’re shopping for your next home, getting pre-approved for a mortgage is the best action you can take. You’ll be able to shop with confidence, especially if you’ve to beat an all-cash offer. We can guide you through the process and help secure your best mortgage so you can know exactly how much you can afford. There are several loan options and benefits available depending on your homeownership goals. Connect with a local mortgage advisor to get started. We’d love to help.

Buying a House in Spring 2022: How to Win the Bidding War

March 8, 2022

Inflation, economic uncertainty, and fluctuating mortgage rates don’t seem to be slowing down the housing market. Spring is always the strongest season for buying and selling houses, and the housing market for March 2022 is no exception. Unfortunately, all-cash offers are still more common than many homebuyers would like them to be. A bidding war may be likely.

But like a lot of things in life, being prepared has its benefits. If your dream home turns into a bidding war, these top strategies can help you compete.

Top 5 Strategies to Win a Bidding War in Today’s Housing Market

As we head into Spring 2022, housing season is hotter than ever. More than ever, people are relocating to be near family or start a new career. As people move in and out of state, housing inventory increases. But the competition can beat out even the most qualified buyers.

These five strategies will help you win your dream home, even in a bidding war.

1. Get pre-approved for your new mortgage.

This might seem obvious. But getting pre-approved for mortgage financing before you find your perfect home is one of the smartest moves you can make. When you’re pre-approved and make an offer, the seller knows without a doubt that your financing won’t fall through. Your offer just became that much more attractive against other bids.

Getting pre-approved for your mortgage means your lender has verified your loan. Your credit report, financial profile, income verification and employment—every requirement has been met and your home loan is all but funded.

TIP: In a competitive market, the seller will know that your loan is fully approved when you are pre-approved and not simply pre-qualified.

Ultimately, when you get pre-approved for a mortgage, the seller knows your financing will follow through as promised.

This means less stress and worry for the seller and a faster close.

2. Increase your good faith deposit (earnest money down).

Your good faith deposit, or earnest money down, is the amount you put down to reserve your right to buy the home. A good faith deposit shows the seller that you’re serious about your offer. If you decide to walk away after you’ve made an offer with earnest money down, the seller can keep your full deposit.

It’s a strong move to show the seller how much you’re willing to risk losing (if you walk away) and that you’ll do everything you can to win the bid against an all-cash offer.

TIP: If you want to stand out in the competition, consider increasing your earnest money down. If the seller rejects your bid, you won’t lose your good faith deposit.

(A good faith deposit is only forfeited if a buyer walks away after the seller has already accepted the offer.)

Ultimately, a large good faith deposit shows the seller how much you’re willing to risk with real dollars.

3. Make an offer above the asking price.

Did you know that many all-cash offers are below the asking price? Homebuyers who bring all-cash offers are betting that the seller will accept a lower price in exchange for a fast and easy sale.

This is an opportunity to raise your offer. Going above asking is a strong move to stand out and beat other offers, even an all-cash bid.

TIP: Consider talking with your realtor about including an escalation clause. This allows you to raise your offer automatically (up to a limit) if another buyer bids higher.

4. Choose to waive contingencies.

In a competitive housing market, you want to make the transaction easier on the seller. You can do this by waiving a few common contingencies.

For example, consider waiving the financing contingency—this means you won’t be able to back out of the offer if the mortgage doesn’t fund.

TIP: When you get pre-approved for your mortgage, you can be confident that your loan will be funded.

Talk with your realtor to consider waiving other contingencies as well: the appraisal contingency, sale contingency, and inspections contingency.

Discuss each contingency with your real estate agent and decide what kind of risk you’re willing to take. Waiving contingencies is a great strategy to win over a seller and beat an all-cash offer.

TIP: If you are buying a home that’s less than ten years old, the home is often still covered under warranty by the builder. Talk to your realtor about the details.

5. Write a personal letter.

Believe it or not, writing a personal letter to the sellers can really make a difference when you’re making an offer in a competitive housing market. Buying and selling a home is an emotional decision for most buyers and sellers. Writing a letter is a reminder that we’re all human here.

After the offers and financials are considered, a personal letter can go a long way to help you stand out when multiple offers are on the table.

TIP: Many homeowners often choose buyers who they can imagine living in their home once they’ve packed up and moved on. Keep the sellers in mind when you write your letter.

You can include specific things you love about the home, why it’s a great fit for your family, or how you see your family growing and building a life here. Don’t be afraid to set yourself apart and bring your emotion to compete against other offers.

Taking Action

If you’re shopping for your next home in Spring 2022, getting pre-approved for a mortgage is the best action you can take. You’ll be able to shop with confidence, especially if you’re looking to buy a home in a competitive area. You can still win the bidding war.

We can guide you through the process and help you get approved for your best mortgage. You’ll know exactly how much you can afford before you make an offer. Connect with a local mortgage advisor to get started. We’d love to help.

Buying a Townhouse to Get an Affordable Mortgage

August 26, 2021

Want an affordable mortgage? One strategy is to aim for a property with a low purchase price. Even better, find a low-priced property in a desired location where home values are on the rise. Enter townhouses, condos, and fixer-uppers. Buying a townhouse can be a great first step to becoming a homeowner, with a few payoffs along the way.

Townhouses and condos both offer lower maintenance and community living. On the other hand, a fixer-upper offers a solid opportunity to buy an under-priced house in a great location. But does the idea of a fixer-upper sound like a mountain of stress? Sometimes DIY is better on Netflix.

Townhouses are growing in popularity for a handful of reasons–prime locations, minimal maintenance, lifestyle amenities, and a sense of community in a home that still offers privacy. So if you’re looking to become a homeowner in 2021, buying a townhouse is worth considering.

Condo vs. Townhouse vs. Single-Family Detached Home

What’s the difference? And which is best? In broad strokes, all three are individually owned properties and are considered single-family dwellings. As a new homeowner, it comes down to lifestyle and what’s important to you in a home. Do you want a low-maintenance property that’s close to downtown and has shared amenities? Would you rather spend your weekends on a fixer-upper with lots of privacy?

CONDOMINIUM

Condos offer lifestyle amenities similar to apartment living. Homeowners are responsible for the interior and that’s it. The exterior, landscaping, facilities and community spaces are maintained by the HOA (Homeowners Association). Be prepared to share a few walls and the noise that comes with it. The upside: condos are low-maintenance and offer shared access to amenities like fitness gyms, pools, and parks.

TOWNHOUSE

Townhouses might just be the perfect balance between condos and single-family detached homes. When you buy a townhouse, you own the dwelling plus the land (usually a small space in the front and back). As the homeowner, you’re responsible for the interior, exterior, and land maintenance within your property line.

A townhouse offers more square footage in a multi-story dwelling. You’ll have a private entrance and 1-2 shared walls (on either side of your property.)

Townhouses offer more privacy than condos, front and backyard spaces, a private driveway and garage, and community amenities. The HOA is responsible for maintaining shared amenities such as pools, tennis courts, clubhouses and the like.

SINGLE-FAMILY DETACHED HOME

Detached means no shared walls! Single story, multi-story, or a sprawling compound, your home is privately owned right up to the property line defined by the title. As the homeowner, you own both your dwelling and the land.

You’re free to use your land however you’d like (limited by city ordinances). Build a workshop, raise chickens, install a built-in kitchen, or plant an orchard. What’s more, with a detached home you’re free to tear it down and build your dream home. You own everything within your property lines. Ask your real estate agent about any restrictions set by the city.

One Caveat on HOA fees: Many single-family detached homes are built as part of a planned community that includes a Homeowners Association. You’ll enjoy shared amenities such as pools and tennis courts, but you’ll also have to pay HOA fees. In addition, any home renovations or landscaping updates will need to meet HOA regulations.

Find Your Neighborhood

Location is still the biggest determiner of home prices, and buying a townhouse is no exception. Look for a townhome property that fits your lifestyle and your wallet. Consider a few things: Do you want to buy a bigger home after a few years and keep a townhouse as a rental? Are you downsizing now and the townhome is your new forever home? Take note of resale values, school districts, lifestyle and community events in the area.

Find a qualified mortgage expert in your local area

Q&A on Buying a Townhouse (what our clients are asking)

Is buying a townhouse less expensive than a single-family home?

Not always. Townhouses are often viewed as a low-cost alternative for first-time homebuyers. But townhouses can often be in a similar price range as single-family homes, especially in desired locations with rising home values. You’re paying a premium for the area, not necessarily the square footage of your home.

For example, let’s say you are looking to buy a property for under $700k in a premium location with well-rated schools, high safety ratings, and rising home values. You find a townhouse and a single-family home, and both list for $680k. Both properties are in the same school district with similar neighborhoods and access to restaurants, public transportation, parks and the like.

The difference here will most likely be the condition of the home. The $680k detached single-family home might be on the lower end of the housing market for the area. As a result, it will probably be much older and need a fair amount of work and renovation.

By contrast, the $680k townhouse will likely be newer and in better condition, updated with modern appliances and amenities.

As with any new home purchase, don’t forget about closing costs, which we blogged about here.

Do you have to pay HOA fees when you buy a townhouse?

Yes. Homeowners Association (HOA) dues are standard when you buy a townhouse. The fees are paid quarterly or monthly to cover ongoing upgrades and maintenance for all shared amenities.

Worth noting, not all HOA fees are created equal. When you’re ready to buy a townhouse, take time to compare amenities and costs with other townhouse developments in the area. Are the grounds and facilities well maintained? Do they have the amenities that are important to you, like tennis courts or expansive poolside areas?

You get to decide if the fees are reasonable and whether or not the community spaces offer what you want.

Is it easier to qualify for a mortgage when you buy a townhouse?

The easiest way to qualify for a mortgage is to work with an experienced mortgage advisor to get pre-approved. Buying a townhouse isn’t much different when it comes to home loan options, but there are a few factors to consider.

Buying a townhouse will require a few more steps required by mortgage lenders to get approved. Often, the home appraisal will include an inspection of the entire grounds to ensure the community spaces are well-maintained and up to code.

A mortgage advisor can keep things moving forward stress-free. Find out how to get pre-approved quickly, which we blogged about here.

Get Pre-Approved For the Best Financing

Getting pre-approved is the best way to secure an affordable mortgage at a low mortgage rate. You’ll know exactly how much you can afford and shop with confidence.

Note that financing a townhouse is different than getting a mortgage for a condo or single-family detached home. Mortgage lenders have specific regulations when it comes to buying a townhouse. Be prepared to provide additional documentation to meet mortgage requirements.

Getting pre-approved for a mortgage will help ensure you’ve got everything in place before you make an offer.

Talk to a local mortgage advisor about your financial goals. Buying a townhouse in 2021 can put you on the fast track to financial freedom. Getting preapproved for a mortgage is the best next step!

The Final Remix

Buying a townhouse can be a perfect choice when you want a low-maintenance home with modern appliances, good square footage, and a small footprint. Enjoy the benefits of community spaces, shared amenities, and privacy without the maintenance required for a detached single-family home. When you’re ready to get pre-approved for an affordable mortgage, buying a townhouse is the perfect next step.

Take Action

Mortgage pre-approval is a smart move when you’re buying a townhouse. An experienced mortgage advisor can help you get pre-approved and get your financing secured, so you can shop with confidence. Connect with a mortgage advisor to discuss your options and get an affordable mortgage that saves you money. We’d love to help.

Smart Tips to Get Preapproved for a Mortgage (Before That Offer)

June 4, 2021

As soon as you start shopping for a new home, one of the most important steps you can take is to get pre-approved for your home loan. Getting pre-approved for a mortgage can boost your buying power and give you peace of mind while you shop.

Why? When you get pre-approved for a mortgage, the lender has already approved a maximum amount for your home loan. You won’t have to worry about whether or not you’ll get approved for a different amount, and you’ll have real buying power when you make an offer.

Follow these tips and learn how to get pre-approved for a mortgage fast. Once the mortgage pre-approval process is underway, you can hit those open houses with confidence.

Getting Pre-qualified vs. Pre-approved for a Mortgage

First things first, getting pre-qualified and getting pre-approved for a mortgage aren’t the same thing, and knowing the difference can give you an edge.

Pre-qualification seems like a simple process because it requires less documentation.

To get pre-qualified, a lender will ask you for some basic information, including your credit score, current income, and employment status. A pre-qualification is helpful as an estimate for what you can afford, but it doesn’t guarantee that you’ll qualify for a home loan for that amount.

Pre-approval is a more thorough process, but the payoff for potential buyers is significant.

When you get pre-approved for a mortgage, the lender does the extra work to verify your credit and income, along with the required documentation for a home loan. Your mortgage advisor will discuss different loan options, current mortgage rates, and your budget.

Once your mortgage is pre-approved, you’ll have a mortgage pre-approval letter that you can present with every offer. You’ll know the maximum amount you can borrow, and the sellers will know that you’re a serious buyer who can close fast.

A mortgage lender won’t finalize the loan terms until you’ve made an offer that the seller accepts. Once the new property is in escrow, the lender will complete the terms of your home loan and get paperwork ready for closing.

How to Get a Fast Mortgage Pre-approval

Step 1: Estimate how much you can afford

Use a mortgage calculator to find out how much you can afford. The results will only be a ballpark figure, but it can help set expectations. Decide on your price range, then connect with a mortgage advisor to discuss your homeownership goals.

Check out this mortgage calculator to see how much you can afford

Step 2: Connect with a Mortgage Advisor

First, talk to a mortgage advisor as soon as you’re thinking about getting a home loan. A qualified mortgage expert can start the mortgage pre-approval process right away while you start shopping for your next home.

Find a qualified mortgage expert in your local area

Step 3: Download your free credit report

You can download a free credit report once every 12 months. It’s a good idea to find out your credit score and check the report to see if any errors need attention. Your credit score will have a direct impact on the terms of your loan and your mortgage rate. By getting a free copy of your credit report early, you can resolve any errors ahead of time.

Click here to download your free credit report

Step 4: Gather required documentation

Most mortgage lenders require similar documentation, with a few exceptions. Start gathering paperwork you’ll need to verify income and assets, employment information, bank statements, and tax returns. If you’re self-employed or plan to use non-standard income to qualify, your mortgage advisor can talk with you about additional information that might be required.

Ask your mortgage advisor for a quick list to help keep things on track. An experienced mortgage advisor will provide a checklist to follow and will make sure the process runs smoothly.

Final Takeaway

Getting pre-approved for a mortgage means that your mortgage lender has already approved the total loan amount for your home loan. Getting pre-approved will help you stand out among other potential buyers and also lets sellers know you’re serious and you’ll be able to close fast.

Shopping with a mortgage pre-approval letter will give you peace of mind and a competitive edge when you decide to make an offer. Start the process early so your lender has all the required documentation and your mortgage advisor can keep things running on time.

Next Steps

If you’re thinking about buying a home, getting pre-approved for a mortgage will give you several advantages in today’s housing market. Start gathering your documentation and connect with a mortgage advisor to discuss your homeownership goals. Getting pre-approved is a straightforward process with big payoffs. We’d love to help.

Get Preapproved for a Mortgage Before You Make an Offer

July 13, 2022

When you’re shopping for a new home, one of the most important steps you can take is to get pre-approved for your home loan. Getting pre-approved for a mortgage can boost your buying power and give you greater confidence when you make an offer.

Why? When you get pre-approved for a mortgage, the lender has already approved a maximum amount for your home loan. You won’t have to worry about whether or not your financing could fall through and you’ll have real buying power when you make an offer.

Follow these tips and learn how to get pre-approved for a mortgage fast. Once the mortgage pre-approval process is underway, you can hit those open houses with confidence.

Getting Pre-qualified vs. Pre-approved for a Mortgage

First things first, getting pre-qualified and getting pre-approved for a mortgage aren’t the same thing, and knowing the difference can give you an edge.

Pre-qualification seems like a simple process because it requires less documentation.

To get pre-qualified, a lender will ask you for some basic information, including your credit score, current income, and employment status. A pre-qualification is helpful as an estimate of what you can afford, but it doesn’t guarantee that you’ll qualify for a home loan for that amount.

Pre-approval is a more thorough process, but the payoff for potential buyers is significant.

When you get pre-approved for a mortgage, the lender does the extra work to verify your credit and income, along with the required documentation for a home loan. Your mortgage advisor will discuss different loan options, current mortgage rates, and your budget.

Once your mortgage is pre-approved, you’ll have a mortgage pre-approval letter that you can present with every offer. You’ll know the maximum amount you can borrow, and the sellers will know that you’re a serious buyer who can close fast.

A mortgage lender won’t finalize the loan terms until you’ve made an offer that the seller accepts. Once the new property is in escrow, the lender will complete the terms of your home loan and get the paperwork ready for closing.

How to Get a Fast Mortgage Pre-approval

Step 1: Estimate how much you can afford

Use a mortgage calculator to find out how much you can afford. The results will only be a ballpark figure, but it can help set expectations. Decide on your price range, then connect with a mortgage advisor to discuss your homeownership goals.

Check out this mortgage calculator to see how much you can afford

Step 2: Connect with a Mortgage Advisor

First, talk to a mortgage advisor as soon as you’re thinking about getting a home loan. A qualified mortgage expert can start the mortgage pre-approval process right away while you start shopping for your next home.

Find a qualified mortgage expert in your area

Step 3: Download your free credit report

You can download a free credit report once every 12 months. It’s a good idea to find out your credit score and check the report to see if any errors need attention. Your credit score will have a direct impact on the terms of your loan and your mortgage rate. By getting a free copy of your credit report early, you can resolve any errors ahead of time.

Click here to download your free credit report

Step 4: Gather required documentation

Most mortgage lenders require similar documentation, with a few exceptions. Start gathering paperwork you’ll need to verify income and assets, employment information, bank statements, and tax returns. If you’re self-employed or plan to use non-standard income to qualify, your mortgage advisor can talk with you about additional information that might be required.

Ask your mortgage advisor for a quick list to help keep things on track. An experienced mortgage advisor will provide a checklist to follow and will make sure the process runs smoothly.

Summary

Getting pre-approved for a mortgage means that your mortgage lender has already approved the total loan amount for your home loan. Getting pre-approved will help you stand out among other potential buyers and also lets sellers know you’re serious and you’ll be able to close fast.

Shopping with a mortgage pre-approval letter will give you peace of mind and a competitive edge when you decide to make an offer. Start the process early so your lender has all the required documentation and your mortgage advisor can keep things running on time.

Taking Action

If you’re thinking about buying a home, getting pre-approved for a mortgage will give you several advantages in today’s housing market. Start gathering your documentation and connect with a mortgage advisor to discuss your homeownership goals. Getting pre-approved is a straightforward process with big payoffs. We’d love to help.

Relocating? Get Pre-approved for a Mortgage First

October 12, 2022

mortgage blog, pre-approved mortgage, preferred rate

When you’re relocating, shopping for a new home can be exciting but it can also feel overwhelming. One of the most important steps you can take is to get pre-approved for your home loan–even if you’re moving out of state. An experienced mortgage advisor can help you get pre-approved for a mortgage before you move in the zip code you need.

The best part is you’ll know exactly how much you can afford before you shop and you can lock in the lowest mortgage rate available. Getting pre-approved for a mortgage can boost your buying power and give you greater confidence when you’re ready to make an offer.

When you get pre-approved for a mortgage, the lender has already approved a maximum amount for your home loan. You won’t have to worry about whether or not your financing could fall through and you’ll have real buying power when you make an offer.

First, find a local mortgage advisor ahead of time who can help guide you through the process. No matter what state you’re about to call home, a qualified advisor can lock in your rate and partner with you through every step.

These tips and learn how to get pre-approved for a mortgage fast. Once the mortgage pre-approval process is underway, you can hit those open houses with confidence.

Getting Pre-qualified vs. Pre-approved for a Mortgage

First things first, getting pre-qualified and getting pre-approved for a mortgage aren’t the same thing, and knowing the difference can give you an edge.

Pre-qualification seems like a simple process because it requires less documentation.

To get pre-qualified, a lender will ask you for some basic information, including your credit score, current income, and employment status. A pre-qualification is helpful as an estimate of what you can afford, but it doesn’t guarantee that you’ll qualify for a home loan for that amount.

Pre-approval is a more thorough process, but the payoff for potential buyers is significant.

When you get pre-approved for a mortgage, the lender does the extra work to verify your credit and income, along with the required documentation for a home loan. Your mortgage advisor will discuss different loan options, current mortgage rates, and your budget.

Once your mortgage is pre-approved, you’ll have a mortgage pre-approval letter that you can present with every offer. You’ll know the maximum amount you can borrow, and the sellers will know that you’re a serious buyer who can close fast.

A mortgage lender won’t finalize the loan terms until you’ve made an offer that the seller accepts. Once the new property is in escrow, the lender will complete the terms of your home loan and get the paperwork ready for closing.

How to Get a Fast Mortgage Pre-approval

Step 1: Estimate how much you can afford

Use a mortgage calculator to find out how much you can afford. The results will only be a ballpark figure, but it can help set expectations. Decide on your price range, then connect with a mortgage advisor to discuss your homeownership goals.

Check out this mortgage calculator to see how much you can afford

Step 2: Connect with a Mortgage Advisor

First, talk to a mortgage advisor as soon as you’re thinking about getting a home loan. A qualified mortgage expert can start the mortgage pre-approval process right away while you start shopping for your next home.

Find a qualified mortgage expert in your area

Step 3: Download your free credit report

You can download a free credit report once every 12 months. It’s a good idea to find out your credit score and check the report to see if any errors need attention. Your credit score will have a direct impact on the terms of your loan and your mortgage rate. By getting a free copy of your credit report early, you can resolve any errors ahead of time.

Click here to download your free credit report

Step 4: Gather required documentation

Most mortgage lenders require similar documentation, with a few exceptions. Start gathering paperwork you’ll need to verify income and assets, employment information, bank statements, and tax returns. If you’re self-employed or plan to use non-standard income to qualify, your mortgage advisor can talk with you about additional information that might be required.

Ask your mortgage advisor for a quick list to help keep things on track. An experienced mortgage advisor will provide a checklist to follow and will make sure the process runs smoothly.

Summary

Getting pre-approved for a mortgage means that your mortgage lender has already approved the total loan amount for your home loan. Getting pre-approved will help you stand out among other potential buyers and also lets sellers know you’re serious and you’ll be able to close fast.

Shopping with a mortgage pre-approval letter will give you peace of mind and a competitive edge when you decide to make an offer. Start the process early so your lender has all the required documentation and your mortgage advisor can keep things running on time.

Taking Action

If you’re thinking about buying a home, getting pre-approved for a mortgage will give you several advantages in today’s housing market. Start gathering your documentation and connect with a mortgage advisor to discuss your homeownership goals. Getting pre-approved is a straightforward process with big payoffs. We’d love to help.

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All-cash offers give homebuyers a competitive edge.

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How to Take Advantage of the CashBuys Mortgage

Eligibility for the CashBuys Home Loan Program

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Tips to Maximize Verified Income and Assets

3 Steps to Apply for the CashBuys Program

Step 1: Connect with a local mortgage advisor.

Step 2: Gather required documentation and apply early.

Step 3: Make All-Cash Offers

Helpful advice from friendly mortgage experts.

Summary

Taking Action

USE THESE 5 STRATEGIES TO BEAT AN ALL-CASH OFFER

1. Get pre-approved for your new mortgage

2. Increase your good faith deposit (earnest money down)

Find out how much you can afford (it’s free).

3. Make an offer above the asking price

4. Waive a few contingencies

5. Write a personal letter

Start your application in less than 5 minutes.

Taking Action

But like a lot of things in life, being prepared has its benefits. If your dream home turns into a bidding war, these top strategies can help you compete.

Top 5 Strategies to Win a Bidding War in Today’s Housing Market

1. Get pre-approved for your new mortgage.

2. Increase your good faith deposit (earnest money down).

Find out how much you can afford (it’s free).

3. Make an offer above the asking price.

4. Choose to waive contingencies.

5. Write a personal letter.

Start your application in less than 5 minutes.

Taking Action

Condo vs. Townhouse vs. Single-Family Detached Home

CONDOMINIUM

TOWNHOUSE

SINGLE-FAMILY DETACHED HOME

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Find Your Neighborhood

Q&A on Buying a Townhouse (what our clients are asking)

Is buying a townhouse less expensive than a single-family home?

Do you have to pay HOA fees when you buy a townhouse?

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Is it easier to qualify for a mortgage when you buy a townhouse?

Get Pre-Approved For the Best Financing

The Final Remix

Helpful advice from friendly mortgage experts.

Take Action

Getting Pre-qualified vs. Pre-approved for a Mortgage

Top 5 Questions on Getting Pre-approved for a Mortgage (Answered)

1. Do I need to get pre-approved for a mortgage before I make an offer?

2. What documents will I need to get pre-approved?

3. Does getting pre-approved for a mortgage affect my credit score?

4. How long will it take to get a mortgage pre-approval letter?

5. What happens if my home loan doesn’t get approved?

How to Get a Fast Mortgage Pre-approval

Final Takeaway

Next Steps

Take the first step toward your best mortgage.

Getting Pre-qualified vs. Pre-approved for a Mortgage

Top 5 Questions on Getting Pre-approved for a Mortgage

1. Do I need to get pre-approved for a mortgage before I make an offer?

2. What documents will I need to get pre-approved?

Start your application in less than 5 minutes.

3. Does getting pre-approved for a mortgage affect my credit score?

4. How long will it take to get a mortgage pre-approval letter?

5. What happens if my home loan doesn’t get approved?

Find out how much you can afford.

How to Get a Fast Mortgage Pre-approval

Helpful advice from friendly mortgage experts.

Summary

Taking Action

Take the first step toward your best mortgage.

Getting Pre-qualified vs. Pre-approved for a Mortgage

Top 5 Questions on Getting Pre-approved for a Mortgage

1. Do I need to get pre-approved for a mortgage before I make an offer?

2. What documents will I need to get pre-approved?

Start your application in less than 5 minutes.

3. Does getting pre-approved for a mortgage affect my credit score?

4. How long will it take to get a mortgage pre-approval letter?