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Team MOVE Blog

Your mortgage loan experts

By Russell Smith | Mortgage Broker
or Lender in Whiteville, NC

Loan commitments for buyers prior to contract!

With multiple offers happening right often, having a loan commitment with full underwriting approval on credit, assets, income, purchase price, and loan amount gives a buyer and his/her agent an advantage over pre-approved buyers and competes much better with cash buyers!

How do we do it?

We will fully underwrite purchase money loans for buyer with a TBD property and a sample purchase price.  We will fully approve the buyer so that the only items remaining are:
  • signed purchase contract
  • appraisal to support purchase price
  • homeowner's insurance
  • title search

Most lenders will not submit a loan to underwriting without a contract and appraisal, where we welcome buyers to get approved up-front.  

Advantages of the loan commitment prior to contract:

  • Buyer has an advantage over other buyers in the contract negotiations
  • Once under contract, the loan can close very quickly
  • Takes away the risk of credit, income, or asset denial after contract
  • Maximizes the realtor and buyer's time so they are not wasting time looking at properties which the buyer doesn't qualify for

Our team would be glad to speak on this further with agents.

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