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 before you even start your search.
Get Committed® Helps You Compete in the Market and Buy a Home
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.
Get Your Pre-Approval Started
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 loancommitment that is better than standard pre-approvals.
Start the loan process: Before you even look for the perfect home, apply to start the process for a loan commitment.
Make an offer: With your Compass commitment in hand, your real estate agent submits an offer that stands out from standard pre-approvals.
Win and close: That’s it! You did it! You beat every offer on the home you wanted and can close in as little as 15 days.
How Get Committed®
Get Committed provides a fully underwritten loan commitment and locks in your interest rate before you even 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.
The Difference Between Get Committed® and Standard Pre-approvals
You’ve probably heard that you should get pre-approved 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 pre-approval comes with a list of conditions and potential problems you need to solve before getting fully approved.
With standard pre-approvals, 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 before you even make 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.
What You Need to Apply
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.
Credit score guidelines can vary. A credit score of 620 or higher is typically best for a conventional loan, while FHA loans allow for lower scores starting at 580. (Higher scores often bring about better interest rates and loan options.)
As part of the underwriting process, you’ll need documentation which shows consistent income with a Debt-to-Income ratio (DTI) at or below 50%. (This ratio shows how much of your monthly income goes to paying your debt.)
Along with income information, you need to share employment verification and history.
First-time homebuyers need to have a down payment of 3% or more. This minimum requirement goes up based on your income, if it’s a second home purchase and other factors.
Get Committed® FAQs
Financing a home is an important investment. In all likelihood, you will have questions about how the process works. We’ve compiled answers to the frequently asked ones, but don’t hesitate to ask more.
Pre-qualification 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.
Pre-qualification is less conclusive than pre-approval (and certainly than a loan commitment) because pre-qualification doesn’t involve verification of any of your personal financial information. Instead it’s based on your best estimates of income, credit, etc.
A loan commitment is a step closer to final approval but not quite an approved loan. A loan commitment–Get Committed–involves benefits like locking in your interest rate and other terms for a specified amount of time.
Within your commitment letter, you’ll see language stating you’ve been approved but that approval is subject to certain conditions.
You’re committing to meeting those conditions; and the lender is committing to approve your loan, as long as you both stick to your original agreement and the property meets all conditions required.
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 pre-approvals and helps you compete with cash offers that show they have the money right now to make the purchase.
GET COMMITTED BENEFITS
Get a fully vetted loan commitment
Win without necessarily having the highest offer
Compete with cash offers in a seller’s market
Have your family finances sorted out before home shopping
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