Winning a Purchase! in today’s competitive market
Most important right now; find a lender you are comfortable with that you feel confident can perform quickly getting offers in on properties you like. We offer a few things you won’t find anywhere else.
Win your Purchase
The ILML E Pre-Qual – An edge over the competition. Being prepared to perform on your purchase is why sellers want to see pre-qualifications in the first place. As rates are trending upward with the Fed’s announcements to raise rates, people throughout the US are out shopping for property. There are far more buyers than sellers. Most property is selling OVER the listed price, and selling for all cash. If you aren’t in a position to buy a property cash, then perhaps refinance out the equity after you own it, our E Pre-Qual may do the trick. Far above a standard lender pre-qualification, we collect much of the pertinent documentation we need to actually start the loan process, prior to you going under contract on a property. It tells a seller that once you have a fully executed purchase agreement, we are ready to begin. We can order an appraisal same day* where other lenders can take weeks to get completed first disclosures and additional documents. The ILML E Pre-Qual will give sellers more confidence in your offer.
*program restrictions may apply.
Refinancing
Although the lowest rates we have seen ran December 2020 through February 2021, there is still an opportunity to refinance and lower your current rate. Watching our rate updates will tell you the best time to price out your loan. A sample of today’s rates are below. Let us know and we will add you to the daily rate update list so you can see how rates are trending every day. Want to know more? Click HERE.
The I Love My Lender – Purchase Advantage
Purchase Detail
In order, the winners are all-cash offers, E Pre-Qual offers, then standard pre-qualifications. You can get the third option anywhere. Being prepared BEFORE you put an offer on a property is crucial. Let’s talk about the first two:
All Cash – If you have it in the bank, you are in a dominant position. From a seller’s standpoint, if you can pay cash there is no loan contingency whatsoever. One less thing for the seller to be concerned about. If you don’t have the cash on hand but have equity in other property, perhaps a cash-out refi in advance is the way to go. You can make your offer to purchase all cash, and even refinance it once you own the property. Remember though, you will be making payments on that cash, even while it is sitting in your bank account doing nothing.
E Pre-Qual – A standard lender pre-qualification gives you a document stating little more than a dollar amount and that you are approved if everything you stated is accurate. Our E Pre-Qual goes beyond a standard pre-qualification. We collect the documentation to proceed immediately in advance, increasing your seller’s confidence in your offer. Your seller will know that the minute you have a fully executed purchase agreement we will be ready to get to work, allowing us the ability to close faster than our competitors. It makes it easy for your offer to stand out to a potential seller, giving it more weight.
Apply Now
You can fill out a secure application on our website, but we would prefer to speak directly so we can strategize together and go in with as powerful an offer as possible. We would be happy to speak with your Realtor and the sell-side parties to explain why our offer is more solid than our competition.
The Real Estate Sales Market is Very Competitive.
NOW IS NOT THE TIME TO SHOP LENDERS!
Well, let’s rephrase that. It is not the time to shop lenders, get their basic rate quote (which can change daily), begin to give them documents and sign initial LEs, then start sending the balance of documents requested AFTER you get your property under contract. Better to research lenders, speak to a few and choose one you feel comfortable working with, that has a plan to support you and your Realtor with an edge over the other offers your seller is receiving. The still-low interest rates and slowing down of refinances has further fueled an already hot purchase market. Your pre-qualification, no matter how comprehensive, should present the buyer in as solid a light as possible. To win today, you need to think like the sellers, and understand how the current market has changed.
Another ILML Advantage – Daily Rate Updates
Each day, I Love My Lender sends out rate updates for a variety of different products; 15 and 30 year, conventional, high-balance, jumbo and VA scenarios. We have been tracking rate trends, the 10-Year Treasury note and Inflation since February 2020 (recent update is below). We send it out daily. Our refinanced clients loved it as it let them know when we were having a rate decrease, telling them when to price and lock their own loans. With the Federal Reserve setting their sites on a first rate hike in March, with a possibility of up to 7 rate raises throughout 2022, it is more important than ever to keep your finger on the pulse of mortgage rates. On purchases we don’t always have the luxury of watching rates for long periods of time, but even now, choosing a day when rates are down a little can make a significant difference. Given that we will have a more complete set of documents with our E Pre-Qual, you don’t need to lock immediately (although depending on rate movement you may wish to) but you do need to lock fairly soon after contracting to purchase a property.
Bottom line
Purchase and Refinance clients, because of how we stay on top of the industry, and share that knowledge with you, your success rate should increase working with I Love My Lender. Realtors, we can keep the stress at a minimum as we stage a transaction like a race horse at the gate. As soon as the starting gun fires, we are ready to move quicker than our competitors, maintaining control of the property while getting deals done quicker. Let us show you how we can make your lives easier and more successful.
If you wish, we will add you to our daily rate update so you can keep an eye on how the industry is trending. Email us at raterider@ilovemylender.com to be added. You can also fill out a secure application online, or call us and we’ll walk through the process with you. We look forward to earning your business. Contact us today!
