If you’re preparing to buy a home, you need a lender that will help you navigate this highly competitive market and help you secure the lowest possible interest rate. Learn how Compass Mortgage’s Get Committed program will not only help you contend with the uncertainties of buying a home but also put you ahead of other offers even before you start your search.
Because we’re definitely in a seller’s market, there are more homebuyers than there are homes for sale. This can mean stiff competition when making an offer to buy.
You hear about people offering way over the asking price to stand out to sellers or, even worse, striking out with every offer they make. This is discouraging as you look for a home you can love and afford.
With interest rates changing daily, you might also worry about how expensive your home purchase could end up being and how to cope with acquiring the home and securing its financing.
But you have more control than you may realize! It starts with choosing the right mortgage lender.
At Compass Mortgage, we offer our Get Committed program to put you in the best possible position to win the home you truly want. We’re here to alleviate the intense competition and your concerns about rising interest rates with a loan commitment that is better than standard preapprovals.
Get Committed provides a fully underwritten loan commitment and locks in your interest rate even before you find the property you want to buy so that you don’t miss out on the home that’s right for you.
Get Committed allows you and your real estate agent to put the most attractive offer on the table, even if it’s not the highest one. A loan commitment essentially has the power of a cash offer, showing the seller you’re fully approved financially and that your deal isn’t likely to fall through.
Learn how the Get Committed program gives you the most competitive and secure offer, and find out from us what you need to do to apply.
You’ve probably heard that you should get preapproved for a mortgage before making an offer on a home. But in a seller’s market, this might not be enough to make your offer stand out from other potential buyers. Plus, any preapproval comes with a list of conditions and potential problems you need to solve before getting fully approved.
With standard preapprovals, you haven’t secured a loan yet. With Compass Mortgage’s distinctive Get Committed program, you can go through most of the steps in the loan process to secure a loan commitment prior to making an offer on a home. This allows you to resolve any financial requirements before having the added pressure of closing a loan while working with a seller.
Get Committed secures the financing for you and means we can close on your loan in as little as 15 days. Rather than your deal being impacted by a range of variable conditions, having our loan commitment means that the only conditions left to clear are for the property that you’ve found to purchase. If, for example, the property isn’t appraised at a value that meets your loan amount needs, we’ve got you covered with appraisal gap protection.
By beginning an application with us, you’ll provide basic information about your potential home purchase. We’ll work with you to obtain your credit report, and we’ll discuss your finances as well as the potential value of houses you’re interested in purchasing.
We’ll also discuss the terms for which you qualify and options available to you, in addition to identifying the documentation you will need for the underwriting process to make sure the loan begins on a solid foundation.
We will be with you through every step, giving you and your real estate agent the tools you need to make the most competitive offer on the home you want most.
These are some of the common requirements needed to qualify for a purchase loan. If you have questions about any of these requirements, we’re here to help.
Prequalification is the very first step someone might take when preparing to buy a home.
It can help those in the early stages get a basic understanding of what they might be able to afford and get approved for. It can also help with comparing lenders, since it gives an estimate of what a specific lender is willing to offer.
Prequalification is less conclusive than preapproval (and certainly than a loan commitment) because prequalification doesn’t involve verification of any of your personal financial information. Instead it’s based on your best estimates of income, credit, etc.
Get Committed from Compass Mortgage definitely takes you closer to approval for a mortgage, but it’s not quite an approved loan. Get Committed involves locking in your interest rate and other terms and conditions for a specified amount of time.
In your commitment letter, you’ll see that you have been approved but that approval is subject to certain terms and conditions.
You are committing to meet the terms and conditions as they are stated in the commitment letter. Similarly, the lender is committing to approve your loan, provided that you (the borrower) and the lender stick to the original agreement and if the property meets the requirements.
Approval can be simple from this point, allowing you to close in as little as 15 days once you have an accepted offer. But things can go off track if you make major changes to your financial situation, such as drastic employment changes, large purchases or changes to your credit.
We’ll provide you with a loan commitment letter that your real estate agent can include with any offers you make. This letter will clearly show sellers that you have financing secured and that you can close on your financing to purchase the home within a quick time frame.
This helps your offer stand out from others that only include preapprovals and helps you compete with cash offers that show they have the money right now to make the purchase.