We’ve heard cash is king. In fact, we’ve seen instances where a seller will take a lower cash offer over a financed offer because of the certainty that it provides. But we have a solution that can help those borrowers needing financing be more competitive with cash.
My name is Tom Heath. I’m a Vice President, Senior Loan Officer, and I lead the mortgage guidance group here at Nova Home Loans. And we have a process on many of our programs called Commitment to Lend. It’s a step beyond the pre -approval, this is a fully underwritten loan with signed loan disclosures, fully verified income and assets, and a file ready to go pending the property details.
Once we have a contract, we need the title work, appraisal, possibly, and homeowner’s insurance. This takes the closing time down to about two weeks in a typical scenario, maybe even faster if we get an appraisal waiver. So in situations where you think you’re going to be competing against cash offers and your buyer is willing to put a little bit more effort up front into the pre -process, we can get them ready to go fully pre -approved pending the property and make them much more competitive.
As you’re out this weekend, if you have questions on this process or if you want to know more about any loan programs or products, don’t hesitate to reach out. Trevor and I will both be working and available to take those calls. Have a great weekend.