Buying a home is fun, exciting, and validating. But make no mistake, it’s also a business transaction that can become a competition—especially in a seller’s market, when housing inventory is down across the country or in a specific area. The homebuying process becomes even more competitive in this type of market because there are more people wanting to buy homes than there are homes for sale.
That’s why you need to be properly prepared for the process. In addition to your ability to make a strong offer on the home you want, 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. Don’t settle for a pre-qualification. Many won’t even work with a buyer who isn’t already pre-approved.
With a pre-approval from CrossCountry Mortgage, you won’t face those challenges. With a pre-approval, you’ll be able to negotiate your home purchase confidently. Real estate agents and sellers will know you are ready to make a deal, and a pre-approval may help streamline your loan process, resulting in a smoother transaction.
You’ll even have documented proof in the form of a pre-approval letter you can give to a seller to demonstrate that you’re able to buy their home. In August 2020, our average time to close a loan was 29.5 days. The national average to close a loan was 49 days as of August 2020, according to Ellie Mae. Now imagine how attractive your offer will be to a seller, compared to someone else’s!
When other buyers are making offers that take much longer to close, you’ll be making an offer a seller can’t refuse. Even other buyers who are pre-approved may not have the same advantage you will!
A pre-approval from CrossCountry Mortgage is the best solution for buyers searching for homes in a competitive market with tight housing inventory. Don’t risk losing the perfect home to someone else. With a little work at the start, you’ll be able to close on the home you love faster than anyone else.
Start the conversation with your licensed CrossCountry Mortgage loan officer today!