Today’s real estate market is red-hot, especially here in Rochester, NY. Since the homebuying market opened back up in Spring 2020, homebuyers have been paying over asking prices whenever a house becomes available. In fact, Rochester, NY was recently listed as a top ten city in markets where buyers are paying over asking prices. That’s not all. There’s even a record home shortage in our city that’s leading to bidding wars, cash purchases, and all types of top-tier negotiating.
People are being encouraged to sell, sell, sell in this crazy market and it doesn’t appear to be stopping anytime soon. So, if you’re looking to buy a home, how can you one-up the competition? Preferred Mortgage’s Commitment Letter First loan program gives you all the benefits you need to gain a competitive edge in today’s real estate market!
With this mortgage loan program, a firm Commitment Letter is issued from our Lenders upfront, once your mortgage application is approved, and before you have a home to purchase.
Why is a mortgage commitment letter important?
A mortgage commitment letter is an agreement between a lender and a buyer detailing the agreed-upon terms of a loan, including the number of funds they’re set to receive and the type of loan being granted. It’s also called an approval letter, and it’s official proof you’re going to get a loan. Without a mortgage commitment letter, sellers are less likely to move forward on any deals. Click here to read more about commitment letters.
What is our Commitment Letter First loan program?
Complete the mortgage process first, before you find a home, and secure your mortgage commitment letter from one of our lenders. Show sellers you’re serious about making an offer and be in a position to sign the deal without hesitation. After your mortgage application is approved, we work with you to determine the max-loan amount, and then you’ll receive your commitment letter from one of our lenders.
This enables the entire home buying process to move faster and with less hassle. With this program, once you find your dream home, you can move quickly to a fast closing. Bypass other homebuyers and feel good while doing it! Program details and certain restrictions may apply.
If you’re ready to learn more information about how to secure your mortgage commitment letter upfront, send us a message or give us a call today! Our mortgage loan team is ready to work with you.
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