It’s a Seller’s Market
Give yourself the competitive edge you need to buy the home you want — before someone else does.
Housing inventory is down across the country, which makes buying a home more competitive. In addition to your offer on a home, the ability to close quickly is critical. Sellers and agents don’t want to lose valuable time waiting for a potential buyer to get approved for a loan, only to have it fall through. Many won’t even work with a buyer who isn’t already pre-approved.
With the FastTrack Credit Approval program from CrossCountry Mortgage, Inc., you won’t face any of those challenges. That’s because this innovative program allows you to get Credit Approved for a mortgage before you’ve found a home.
You’ll even have documented proof in the form of a certificate that you can give to a seller to demonstrate that you’re able to buy their home — and buy it in as few as 10 days after a signed purchase agreement.
And when you consider that the national average to close a loan in late 2016 was 42 days, you can imagine how attractive your offer will be to a seller. When other buyers are making offers that take much longer to close, you’ll be making an offer a seller can’t refuse. Even buyers that are pre-approved won’t have the same advantage you will!
So how does it work? Similar to our 21-day loan close model, it’s all about being proactive and efficient. Let’s go over the process step by step:
- Apply for a mortgage. You’ll complete an application and provide all required documents, such as W-2s, bank statements, and tax returns. Your credit will be reviewed.
- Receive buyer and seller letters. The buyer letter will notify you that you have Credit Approved status subject to the terms and conditions in the letter. The seller certificate can be given to a seller or their agent. It contains your approved loan amount along with the statement that you’ve been Credit Approved.
- Clear credit conditions. We may need explanations for certain things on your credit report or additional documentation. These are called conditions, and they must be resolved for your loan to close. You’ll have the option to clear any conditions while shopping for your home, which speeds up the loan process. With all credit conditions cleared, you’ll be in a good position to close quickly after you execute a purchase contract.
- Find your new home. Make an offer, agree on a price, and sign a purchase contract.
- Proceed with the final steps. These include obtaining an acceptable appraisal, a home inspection, evidence of title, and property insurance. With credit conditions already cleared, your loan could close in as few as 10 days after the signing of the purchase contract. Important: The timeline will be determined based on the completion of these final steps.
- Close on your mortgage. You’ll be notified that you have a clear to close (CTC). Your closing date will be finalized, and you’ll sign all documentation. Once your loan funds, you’ll get your keys. Congratulations!
The FastTrack Credit Approval program at CrossCountry Mortgage, Inc. is the right solution for buyers searching for homes in today’s tight housing inventory. Don’t risk losing the perfect home to someone else. With a little upfront work, you’ll be able to make the home you love yours faster than anyone else. Start the conversation with one of our licensed loan officers.
CrossCountry Mortgage, Inc. is an FHA Approved Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Certificate of Eligibility required for VA loans. CrossCountry Mortgage, Inc. is an FHA Approved Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Certificate of Eligibility required for VA loans. USDA Loans: Borrower income limited to 115% of median income for the area. Borrowers must have reasonable credit histories. 30-year loan term. Housing costs cannot exceed 29% of income; total debt payments cannot exceed 41% of income. Homes must meet state and HCFP building codes. Funding fee required. Available only in designated USDA rural areas.