In today's fast markets, with banking industry pulling back as foreclosures increase, a Seller will not even consider your offer without Full Loan Approval from a qualified Lender. With the internet and the Banks ability to gain full approval online usually in less than an hour. At Coldwell Banker Bain, we have a loan officer in each of our branches. Just bring in your last paycheck stubs, your social security numbers and you will usually have a letter of full loan approval within the hour or by the next day in most cases. In many ways this not only makes you a stronger Buyer but it also clarifies in your mind what your down payment will be and at what price you cannot exceed. It's the only way to Shop and Buy successfully in this market.
A mortgage is the loan a potential homebuyer needs in order to make up the difference between the down payment and the purchase price of the home. There are a variety of mortgage programs available, with adjustable time periods and financing options. Traditionally it used to take about 30 to 45 days to process a loan application but as I mentioned above, it can be done in less than ten days. The actual time depends on how promptly the lender can get an appraisal of the property, a credit report, and verification of employment and bank accounts. Most loans will require a buyer to provide verification of income, assets, and long-term debt.
Be the Smartest Buyer, Get your full loan approval that you can include in your offer, subject only to appraisal.
