Winning the Homebuying Game in a Seller’s Market
Give yourself the competitive edge you need to buy the home you want—before someone else does.
“Being properly prepared is one of the biggest assets in business and in athletic competition.” —Keeth Smart, U.S. Olympic medalist in fencing
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. Many won’t even work with a buyer who isn’t already pre-approved.
With the FastTrack Credit Approval program from CrossCountry Mortgage, 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. When you consider that the national average to close a loan was 43 days as of April 2019, according to Ellie Mae, you can 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 buyers that are pre-approved won’t have the same advantage you will!
So how does the FastTrack Credit Approval program work? Similar to our 21-day loan close model, it’s all about being proactive and efficient—in other words, properly prepared. Let’s go over the process step by step:
1. Apply for a mortgage
You’ll complete an application and provide all required documents, such as W-2s, bank statements, and tax returns. We’ll review your credit.
2. Receive buyer and seller letters
The buyer letter will confirm 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.
3. 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.
4. Find your new home
Make an offer, agree on a price, and sign a purchase contract.
5. 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.
6. 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, and the home is yours. Congratulations!
The FastTrack Credit Approval program from CrossCountry Mortgage is the best solution for buyers searching for homes in a competitive market with a tight housing inventory. Don’t risk losing the perfect home to someone else. With a little upfront work, 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!
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.