How Your Mortgage Broker Could Put Your Offer in the Lead!

You may know the most obvious reasons to choose the right mortgage broker. These include getting the lowest interest rate, working with someone who is professional, creative and someone who keeps up with the available mortgage options. These are important factors for your financial future and for your overall escrow experience, which is not to be undervalued. The escrow experience can be highly stressful and overwhelming, so working with an organized broker who is ahead of the potential processing hiccups will be your saving grace.
All that said, you will also need a mortgage broker who fits the criteria for getting your offer accepted. In competitive multiple-offer situations, every term in your offer matters. This may be a surprise to you, but sellers and listing agents look for offers with pre-approval letters from certain lenders. Consider being a seller and what you would want from an offer. You would want a sure thing! And that translates into the following:

  1. A Quick Close of Escrow - Lenders have different closing time frames and you’ll want to choose one who can close as quickly as possible. The fastest we’ve seen is 14 days, but 21 days is usually considered fast!
  2. Loan Contingency - This is the part of your offer that involves final approval of your loan. The pre-approval is just the initial review of your financial paperwork, so the lender must go through what’s called the underwriting process during escrow, going through your documentation with a fine-tooth comb. Check with your lender to see if they can actually underwrite the loan before your offer is accepted. Then you will be able to remove the loan contingency with your offer. Sellers like this because they want as few contingencies to the sale as possible!
  3. Local and Reachable - Sellers want to know your lender will stick to the escrow schedule and that means being available during off-hours for updates and calls. Don’t ever use a lender who says you can’t reach them by cell!

You’ll want to consider these factors up front so you don’t have to switch brokers when you start making offers. That would be a pain and you wouldn’t want someone to do all the legwork on your loan only to then to give the deal to someone else. So ask us or friends for recommendations or search in a local directory like Yelp and read the reviews!

Yelp





Thorne Home Team
Naomi Thorne & Katherine Thorne
Coldwell Banker Realty
511 Sir Francis Drake Blvd
Greenbrae, CA 94904
415.559.5280
naomi.thorne@cbnorcal.com
katherine.thorne@cbnorcal.com
hometeammarin.com

Location: Greenbrae, Kentfield, CA, USA

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