The Silverton WilPower Team can help.
If you’re on the hunt for your next home or investment property, you likely already know inventory is low and competition is at an all-time high. And though it’s tempting to start shopping for your dream home right away, experts say to compete in today’s market, you should talk with a seasoned mortgage lender first, even before you start looking at homes.
“Time and time again we talk to clients who fall in love with a home, and they soon discover the home of their dreams is out of their price range,” said Amy Wilemon, Mortgage Loan Originator and Construction Specialist with Silverton Mortgage’s WilPower Team. “That’s why we always recommend talking to a lender before you start looking at homes, that way you avoid starting the home buying process with any disappointment.”
Step One: Prequalification
With the Silverton WilPower Team, the prequalification process is different than you may expect. Rather than simply filling out a form, every client has a preapproval consultation with a qualified loan originator.
“We take a personal approach with each client to get them prequalified,” said Amy. “With us, it’s more than just filling out a form online. We actually talk to our clients first, to find out what their needs are, so we know from the start how we can best help them.”
The process can take as little as 15 minutes and up to an hour for some seasoned homeowners. For first time homebuyers or investors, it may take a bit longer.
“Regardless, we take as much time with each client, as is needed,” said Amy. “That’s how the Silverton WilPower Team is different from other mortgage lenders.”
Following the consultation with your WilPower Team lender, you will submit a mortgage application. Based on the information provided, your lender will give you an approximate mortgage amount you may qualify for. When the application is complete, you will provide your lender with basic documentation like proof of income, bank statements, any assets, and your driver’s license, so your prequalification may move to the next stage–preapproval.
Step Two: Preapproval
At Silverton, once your prequalification application is complete, the WilPower Team immediately starts working towards your preapproval.
A homebuyer must first have a preapproval from their lender before a real estate agent will show you any properties. A preapproval letter confirms that you have not only talked to a lender, but also verifies the lender has reviewed all of your submitted documents.
“When we provide you the preapproval letter, it’s confirmation that we have analyzed your documents and give our stamp of approval for you to make solid offers,” said Amy. “In addition, the preapproval provides your real estate agent the confidence to present a concrete offer that they know is backed by a trusted lender.”
Step Three: Silverton Secure Approval
The Silverton Secure loan approval process ensures that your loan financing is 100% complete before you even find a property.
“Once we complete the loan preapproval, we send all the client’s documents directly to the mortgage underwriter for approval,” said Amy. “At that point all that’s left for our client to do is find the property, order the title history, and get an appraisal to confirm the property value.”
When real estate agents write offers, they add in certain contingencies to protect the buyer.
“There is due diligence in place to make sure there are no physical property issues, and there are appraisal contingencies to make sure the property is at least worth your offer amount,” said Amy. “These financial contingencies exist to give the lender time to process and submit the loan to underwriting.”
But with a Silverton Secure approval, agents can confidently write the offer with no financing contingency. That means an offer with Silverton Secure is as good as a cash offer.
“With the current competitive real estate market, having a Silverton Secure approval can make a big difference for a home buyer,” explained Amy. “Imagine you are selling your home and you are presented with two almost identical offers. Let’s say one of the offers asks for a 20 day financing contingency to give the lender time to submit the file to underwriting for approval. But the other offer doesn’t require a lengthy financing contingency, because the buyer has already taken the time to go through the approval process. Without a hesitation, the seller will accept the offer that has solid financing ready to go. That’s precisely how the Silverton Secure approval can make you more competitive in this competitive real estate market.”
Thinking about buying a home?
Schedule a mortgage consultation with the Silverton WilPower Team today!