Hi, this is Tom Heath with the Mortgage Guidance Group at Nova Home Loans and this is our weekly installment of mortgage and real estate related matters. And this week just wanted to touch back upon our express loan program. We are committed to finding ways to make our buyers more competitive in the market. And one of the things that we have done with our resources is created a possibility of closing a loan in potentially twelve days. Now, to be very clear, this takes a cooperative effort between all parties, especially the borrower, because what we’re able to do is get the file all the way through the underwriting process while they’re looking for a home. So we get a conditional approval from the underwriter and all we’re waiting on at that point is title, appraisal and homeowners insurance. If we get an appraisal waiver through Fannie May or Freddie Max system, we can close this loan extremely quickly because most of the details are already taken care of. Makes your offer much more competitive.
Even if we need an appraisal, this process is still only taking two, potentially three weeks if we get the appraisal going right away. Again, what we’re seeing on our side is that this offer, compared to a similar but not quite as good cash offer, is winning out. And that is our goal, is to make the clients more competitive. Of course it takes cooperation. We can’t do this at the last minute. We have to be prepared. So as you’re talking with your clients, it’s not only about getting pre approved in this market, it’s about getting conditionally approved. That’s a big difference. It’s more of a commitment on their part as far as their time and their documentation. But the result is going to be a much stronger competitive position for them. If you have any questions, don’t hesitate to reach out to us. You can find more information on our website mggroup tucson.com. You can email us, call us, and of course, if you’ve got any topics you would like us to cover, don’t hesitate to
let us know and we’ll be glad to put together a video for you. Thanks you.
