I Love My Lender – Purchase Advantage

ILML E Pre-Qual
Hunting for a home right now? Looking to purchase something quickly before the first Federal Reserve March rate hike? Check out the I Love My Lender purchase advantage. We developed our E Pre-Qual to add another layer of credibility for your seller. Most pre-qualifications require eDisclosures be sent and signed before we can even begin the loan process. ILML’s E Pre-Qual, states to the seller that we have already collected a majority of the information we need to begin:

  • Intent to Proceed – allows us to start the loan, request documents, payoffs, order appraisals, open escrow, etc.
  • Borrower’s Authorization – allows us, in conjunction with primary Intent to Proceed, the ability to order loan payoffs and other pertinent data.
  • CC Authorization – allows us, in conjunction with primary Intent to Proceed, to order an appraisal on the property.
  • 4506c – allows us to order tax verification from the IRS
  • The Basic Start of Loan Documents – Tax Returns, Bank Statements, ID, W-2s and/or 1099s, etc.
  • Completed Application and Credit Report (soft pull)

Besides the application and basic documents, having the Intent to Proceed, Auths and 4506t allow us to begin the loan process the minute you and the seller have a fully executed purchase agreement. You will still need to sign initial eDisclosures, but we can start immediately which could cut weeks off the process.

All Cash Right now, demand is so much greater than supply that homes are selling over asking price, and often for all cash. If you have the cash but would rather not tie it up, easiest way to win is use it to buy the property, as a cash offer puts you in the strongest position, then refinance out the equity once you own the property.

Cash out Refinance, Purchase All Cash, Refinance out Equity to Pay off Initial Refinance One other way to compete in a cash powerful economy, if you have equity in other real estate, you could do the same as above; pull out cash from one or more of them, purchase the property all cash, then refinance out the equity to pay off the cash out from the first property(s).

So in order, best way to win a bid for a property in this market:

  • Cash (or cash out from your existing property to cover so essentially cash)
  • ILMLs E Pre-Qual – provides a higher confidence level with a seller than a standard lender pre-qualification
  • Standard Lender Pre-Qualification

Get the I Love My Lender advantage today. Call us now!