In the current lending environment, getting authorized for a mortgage is more important than ever. Getting a mortgage isn’t as easy as it used to be – standards are tougher and investors are requiring a lot more documentation than they used to. Our experience, knowledge and dedication to closing your loan will help you through the process.
The last thing we want to happen is for you to find your dream house, make an offer, start the mortgage process and then find out a couple days before closing that you can’t get approved for a loan. Getting authorized, or at the very least pre-qualified, helps avoid this situation altogether.
There are several benefits to becoming a Real Buyer through American Mortgage Capital:
Knowing your finances are in order and that you are capable of purchasing the home you want, as well as having a team of dedicated loan personnel behind you, means you’ll be less stressed throughout the process.
Once you have finished step “A”, going from “B” to “C” is a snap! By becoming a Real Buyer, you’ll be able to sail through the loan process and be in your new home in no time!
Finding the right home is only half of the battle; you need to have your offer accepted, too. As a Real Buyer, you will have proof that you have the finances to back up what you are offering to pay; sellers will be more inclined to take your offer more seriously than those from unauthorized buyers as a result.
There is nothing worse than having the excitement and anticipation of moving into your dream home ruined by a loan that falls through at the last minute. With authorization, you can have peace of mind that your finances will not prevent you from closing, allowing you to focus on preparations for your new journey.
A pre-qualification is done by a mortgage loan officer. Your mortgage loan officer will have you fill out an application, pull your credit report and analyze your debt to income and housing ratios, along with the other details of your transaction.
The mortgage loan officer will determine either how much you can afford or whether or not he or she thinks you will qualify for the loan program you’re most interested in. The mortgage loan officer will then write up a pre-qualification letter for you to include in your offer to purchase your new home.
Authorization is essentially a dry run for your mortgage approval. It is far more in-depth than a pre-qualification. Your loan scenario will be placed in front of a underwriter, who will underwrite the file as if it is any other loan that comes across his or her desk.
The underwriter will then give a soft approval, giving his or her opinion on whether or not the loan would be approved by an investor. Authorization tells a seller that you are ready, willing and able to purchase their home, and gives them (and you!) confidence that the transaction will close.
There are many issues related to home financing and having a mortgage broker with many options to succeed for you is important. Virtually all banks and credit unions are severely limited in the way they can approve a home purchase.
There isn’t a set of defined items to complete in the due diligence period, but the buyer must complete any of the following items that they feel are important when considering the purchase of the home:
The days of the buyer and seller debating what is and isn’t a necessary repair are over. Now, the buyer is free to request that the seller perform any improvements or repairs regardless of whether the item is listed on the previously used necessary repair list. Conversely, the seller is free to refuse these repairs or improvements. The buyer can accept the property in its as-is condition, work with the seller to negotiate a written agreement to outline what will be repaired or simply terminate the contract prior to the end of the due diligence period.
Note: Appraisal or financing contingencies need to be resolved by the contingency period or an extension must be obtained prior to the expiration of the due diligence period.
California real estate contracts typically have three dates, a reduction from the previous eight. These dates are:
To learn more about home purchase financing, contact our office today. American Mortgage Capital is proud to serve homeowners and home buyers across California. 800-610-0000.
In the current lending environment, getting authorized for a mortgage is more important than ever. Getting a mortgage isn’t as easy as it used to be – standards are tougher and investors are requiring a lot more documentation than they used to. Our experience, knowledge and dedication to closing your loan will help you through the process.
The last thing we want to happen is for you to find your dream house, make an offer, start the mortgage process and then find out a couple days before closing that you can’t get approved for a loan. Getting authorized, or at the very least pre-qualified, helps avoid this situation altogether.
There are several benefits to becoming a Real Buyer through American Mortgage Capital:
A stronger offer
Finding the right home is only half of the battle; you need to have your offer accepted, too. As a Real Buyer, you will have proof that you have the finances to back up what you are offering to pay; sellers will be more inclined to take your offer more seriously than those from unauthorized buyers as a result.
A pre-qualification is done by a mortgage loan officer. Your mortgage loan officer will have you fill out an application, pull your credit report and analyze your debt to income and housing ratios, along with the other details of your transaction.
The mortgage loan officer will determine either how much you can afford or whether or not he or she thinks you will qualify for the loan program you’re most interested in. The mortgage loan officer will then write up a pre-qualification letter for you to include in your offer to purchase your new home.
Authorization is essentially a dry run for your mortgage approval. It is far more in-depth than a pre-qualification. Your loan scenario will be placed in front of a underwriter, who will underwrite the file as if it is any other loan that comes across his or her desk.
The underwriter will then give a soft approval, giving his or her opinion on whether or not the loan would be approved by an investor. Authorization tells a seller that you are ready, willing and able to purchase their home, and gives them (and you!) confidence that the transaction will close.
There are many issues related to home financing and having a mortgage broker with many options to succeed for you is important. Virtually all banks and credit unions are severely limited in the way they can approve a home purchase.
There isn’t a set of defined items to complete in the due diligence period, but the buyer must complete any of the following items that they feel are important when considering the purchase of the home:
The days of the buyer and seller debating what is and isn’t a necessary repair are over. Now, the buyer is free to request that the seller perform any improvements or repairs regardless of whether the item is listed on the previously used necessary repair list. Conversely, the seller is free to refuse these repairs or improvements. The buyer can accept the property in its as-is condition, work with the seller to negotiate a written agreement to outline what will be repaired or simply terminate the contract prior to the end of the due diligence period.
Note: Appraisal or financing contingencies need to be resolved by the contingency period or an extension must be obtained prior to the expiration of the due diligence period.
California real estate contracts typically have three dates, a reduction from the previous eight. These dates are:
To learn more about home purchase financing, contact our office today. American Mortgage Capital is proud to serve homeowners and home buyers across California. 800-610-0000.