Everyone likes to be a step ahead, especially when there’s competition involved. In a seller’s real estate market, it’s a safe bet that you probably won’t be the only one making an offer on the home you have your eye on.

Don’t let that discourage you, and don’t automatically assume that you won’t get the property you want if you’re up against another bidder or two, especially if they swoop in with an all-cash offer. At Homeowners Financial Group, we’re here to help you navigate the homebuying process with confidence, starting at the very beginning.

That’s why we offer To-Be Determined (TBD) Underwriting, the next best thing to purchasing a property with all cash!

What is mortgage underwriting?

Underwriting is how we do a thorough and complete verification of your income, assets, debt, and property details so we can issue a final approval for your loan. TBD Underwriting happens at the beginning of the process before you even start shopping for a home.

Here’s why TBD Underwriting can be preferable to underwriting that occurs closer to the middle or the end of the mortgage process:

  • You’ll know exactly how much house you can afford. This will keep you from spinning your wheels by looking at properties that are out of your price range. Sellers, their real estate agents, and your agent will appreciate it too!
  • Soon after meeting with us, you’ll be conditionally approved to borrow a specific amount. With your budget set and the knowledge that your loan has been fully underwritten by a trusted lender like us, you and your agent can go in search of a home that meets your family’s needs and fits into your financial picture.
  • The conditional approval becomes a full approval after you select a suitable property and an acceptable appraisal is completed. After you make an offer (which will be a strong one because of your conditional approval), your offer is accepted, and the home’s value is deemed fair and comparable to similar properties in the area, you’ll be all set to secure the financing you need to make it yours.
  • Everything is buttoned up early so there’s less chance of your loan falling through. A lot of this depends on you, so make sure you don’t make any major changes to your credit, employment, income, or assets while your mortgage is still in process.
  • You can possibly close more quickly. When you’re buying something as exciting as a new home, you want to receive the keys as soon as possible. TBD Underwriting helps you do that!

As you can see, there’s no reason to let a little competition hold you back from buying a home if that’s what you want or need to do. You certainly shouldn’t feel like you need to save enough cash to cover the full purchase price, which isn’t something everyone can do, and even if you could, that might not be the best way to use such a sizeable portion of your liquid assets.

We’re here to provide home financing options, and TBD Underwriting can give you an edge in a seller’s market. Contact a Homeowners Licensed Mortgage Professional to get started!

How can we help?