Win the Purchase! – today’s competitive market
Most important right now: find a lender you are comfortable with that you feel confident can perform quickly on a purchase. We offer a few features you won’t find anywhere else.
Winning your Purchase – The ILML Enhanced Pre-Authorization – An edge over the competition. Being prepared to perform on your purchase is why sellers want to see pre-qualifications in the first place. During the COVID purchase craze, there are more buyers than sellers. Most property is selling OVER listed price, and the sellers are accepting cash offers first, Enhanced Pre-Authorizations next, then standard pre-qualifications. A Pre-Authorization, through I Love My Lender, will give sellers more faith in your offer.
Refinancing – Although the lowest rates we have seen ran December 2020 through February 2021, there is still an opportunity to refinance and lower your current rate. Watching our rate updates will tell you the best time to price out your loan. A sample of today’s rates are below. Let us know and we will add you to the daily rate update list so you can see how rates are trending every day.
The ILML Purchase Advantage
Purchases in Detail – the winners are all cash offers, Enhanced Pre-Authorizations, then standard pre-qualifications. You can get the third option anywhere. Being prepared BEFORE you put an offer on a property is crucial. Let’s talk about the first two:
- All Cash – If you have it in the bank, you are in a dominant position. From a seller’s standpoint, if you can pay cash there is no loan contingency whatsoever. One less thing for the seller to be concerned about. If you don’t have the cash on hand, but have equity in other property, perhaps a cash out refi in advance is the way to go. You can make your offer to purchase all cash, and even refinance it once you own the property. Remember though, you will be making payments on that cash, even while it is sitting in your bank account doing nothing.
- Enhanced Pre-Authorization – A normal lender pre-qualification gives you a document stating you are approved, if everything you stated is accurate. With our Enhanced Pre-Qualification, beyond the standard application we collect all basic documents in advance, have you sign a set of light LEs including the basics; Intent to Proceed, CC Auto for ordering appraisals, Auth for verification of income, and 4506T for confirming tax returns. Basically all of the most critical documentation. As soon as you have control of a property, we are ready to get to work quickly so we can close faster than anyone else! We make it easy for your Realtor to promote this to a potential seller, giving your offer more weight.
Apply Now – You can fill out a secure application on our website, but we would prefer to speak directly so we can strategize together and go in with as powerful an offer as possible. We would be happy to speak with your Realtor and the sell-side parties to explain why our offer is more solid than our competition.
THE MARKET IS VERY COMPETITIVE. NOW IS NOT THE TIME TO SHOP LENDERS.
Well, let’s rephrase that. It is not the time to shop lenders, get their basic rate quote (which can change daily), begin to give them documents and sign initial LEs AFTER you put a property under contract. Instead, read about the lenders, speak to a few and choose a lender you feel comfortable working with, that has a plan to support you and your Realtor, giving you both an edge over the other offers your seller is receiving. The still-low interest rates and slowing down of refinances has further fueled an already hot purchase market. Your pre-qualification, no matter how comprehensive, should present the purchasing party as strongly as possible. An unknown corporation with a PO Box address, for instance, is not going to pull the same weight as a client who is a physician with their physical location stated. To win, you need to think like the sellers, and understand how this market has changed since COVID hit at the beginning of 2020.
ILML Advantage – Rate Updates – Each day, I Love My Lender sends out rate updates for a variety of different products; conventional, high-balance, jumbo and VA. We have tracked rate trends since February of 2020 (today’s update is below). We send these out to our registered clients every day, and the refinance crowd has loved it as it kept them informed as to when rates were having a low day, so they knew when to price out and lock their own loans. With the Federal Reserve setting their interest rate at just .25%, also stating recently that they would not raise rates until at least 2023, there is a possibility we will still see rates turn around and drop lower again. On a refinance, you can simply “ride the rates” with us, price and lock on a low day. On purchases we don’t have the luxury of watching rates for long periods of time, but choosing a day when rates are down a little can make a significant difference. Given that we will have a more complete set of documents due to our Enhanced Pre-Qualification, you don’t need to lock immediately (although depending on rates you may wish to) but you do need to lock fairly soon after contracting to purchase a property.
Bottom line – Purchase and Refinance clients, because of how we keep our finger on the pulse of the industry, your success rate should increase working with I Love My Lender. Realtors, we can keep your stress levels to a minimum as we stage a transaction like a race horse at the starting gate. As soon as the starting gun fires, we are ready to move quicker than other lenders, maintaining control of the property while getting deals done quicker. Give us an opportunity to show how we can make your lives easier and more successful.
If you like, we will add you to our daily rate update so you can keep an eye on how the industry is trending while you are deciding on a lender to entrust your transaction with. Email us at info@ilovemylender.com to be added. You could also fill out an application securely online, or call us and we’ll walk through the process with you, possibly strategizing our approach to evoke the greatest level of success. We look forward to earning your business. Contact us today!
