What Is A Buyer Ready Loan Program and Should You Do This?

Loan Application Approved Showing Credit Agreement

Searching for a new home is an exciting yet sometimes lengthy endeavor…and when you finally find the home of your dreams, the last thing you’ll want to deal with are unexpected delays or complications with your loan. That’s why Real Estate Experts has partnered with Cunningham & Company Mortgage Bankers, who offer a unique “Buyer Ready Loan Program” to help you avoid many unnecessary headaches related to your loan.

“Our Buyer Ready Program will allow you to start the loan process while you’re shopping for a house,” says Theresa Parker, a preferred lender with Cunningham & Company. “You can actually get full credit approval before you’ve even found the house of your dreams. We will fully credit underwrite you and have you ready, so that when you find your perfect home, your loan is ready as well.” Not to be confused with simply being “prequalified” for a loan, Buyer Ready approval means you will receive mortgage credit approval as you search for your new home. Additionally, it ensures full loan approval within the Due Diligence period and protects your Due Diligence fee and Earnest Money deposit.

Working with you, Cunningham & Company will determine a realistic loan request through Buyer Ready, which will typically lean towards a larger amount to allow some flexibility during your search. “If a client is looking at a home with a sale price of $275,000, I will suggest we bump that up and look at getting approved at a $300,000 sale price, so that if she or he finds the home of their dreams that happens to be $285,000, then we’re still ready to go,” says Theresa.

The Buyer Ready Program can also be indispensable in a competitive offer situation. In the case of two buyers who fall in love with the same house, offering the same amount, it’s a sure bet that the homeowner is going to sell to the client that presents the certificate he received from Buyer Ready stating that he has been fully preapproved. “I’ve seen this happen time and time again,” says Theresa. “I have had clients who have brought equal offers as multiple other buyers on the same property. The reason that they were the ones that were successful in their offer was 100 percent attributed to the Buyer Ready Program.”

Ready to apply? Contact Broker Jodi Bakst or Paul Barrett to begin the search for your dream home and start your loan process while you are house hunting: 919.928.5131, [email protected], or [email protected]. Visit them online at www.realestateexperts.net.