O C F I T B L O G Mortgage TBD Mortgage Approval Signed-Off By Mortgage Underwriters

TBD Mortgage Approval Signed-Off By Mortgage Underwriters

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This guide covers the tbd mortgage approval signed off by the underwriters. Gustan Cho Associates Mortgage Group now offers TBD Mortgage Approval. The mortgage pre-approval process is the most important step in the mortgage process. The main reason for stress during the mortgage process and why closings get delayed is due to the fact that loan officers did not properly qualify borrowers prior to issuing a pre-approval letter. Unfortunately, there are loan officers that issue pre-approval letters without properly reviewing the borrower’s credit report, income, assets, liability, public records, or other documents.

Borrowers trust their loan officers and the pre-approval letter. With a pre-approval letter, homebuyers can shop for homes and enter into a real estate purchase contract. Pre-approval letters are issued by loan officers.

Gustan Cho Associates offers TBD Mortgage Approval Signed-Off By The Underwriters which is equivalent to loan commitments. TBD Mortgage Approval is a pre-approval that has been processed and underwritten and issued by a mortgage underwriter without a subject property It is almost equivalent to having a cash offer. TBD Approval shows sellers agents the homebuyer has strength with a rock-solid pre-approval that has been fully underwritten by mortgage underwriters. In this article, we will discuss and cover TBD mortgage approval signed-off by mortgage Underwriters.

The Strength of TBD Versus Standard Pre-Approval

A TBD mortgage approval gives homebuyers an edge in a competitive housing market when getting the winning bid. The way the TBD Mortgage works is the borrower’s file is fully underwritten by a mortgage underwriter without the subject property. The mortgage underwriter will underwrite and qualify the borrower with a subject property with a maximum loan amount.

Once approved, it is like buying a home with cash. There is no chance of a mortgage denial unless there are changes in the borrowers’ credit or income profile.

Once the borrower finds a property and enters into a contract, the purchase agreement is sent back to the mortgage underwriter for them to underwrite the property. An appraisal is issued and the property is underwritten. Once the property is underwritten, the mortgage underwriter will issue a clear to close.
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Benefits of TBD Subject Property Mortgage Approval

Michael Gracz of Gustan Cho Associates explains the benefits of TBD Mortgage Approval: A bidding war occurs when multiple buyers are interested in the same house and make increasingly larger offers to try to win it. This drives up the final sale price of the home, sometimes well above the asking price. Bidding wars are most common in hot real estate markets like San Francisco and San Diego, but they can happen anywhere. It may seem like the only way to win a bidding war is to put in the highest offer.

there are other ways buyers can make their offers more attractive to sellers, including getting a fully TBD Mortgage Approval. A pre-approval gives you a concrete number of the loan amount you’ll be approved for.

To get preapproved, you’ll complete your application and work with your Loan Officer to submit  detailed financial information including pay stubs, tax returns, and bank statements. Your Loan Officer will also check your credit. This gives you the confidence of knowing exactly what you can borrow, and having a fully approved mortgage shows sellers that you’re a qualified buyer, which makes your offer more likely to be accepted.

Benefits of a TBD Underwrite Approval Prior To Entering Into a Real Estate Purchase Contract

A TBD Subject Property Mortgage Approval is a full loan approval with the only condition is the property. The borrower will go through the full mortgage process. Borrowers need to provide all documents required to process the mortgage. Tax returns, W2s, asset paperwork, liabilities, credit report, AUS report, bank statements, and any other information will need to be provided by the borrowers.

A TBD Subject Property Approval shows the homebuyer is solid and serious to the home seller. It shows the seller that the homebuyer has done their homework and is a seriously prepared homebuyer.

A TBD Fully Underwritten Mortgage means the only condition left is the property. As long as the property has been underwritten, the mortgage underwriter will issue the clear to close. Chances are next to nil that the borrower will get a mortgage denial. A homebuyer with a TBD Underwrite Mortgage Approval can often close in three weeks or less. It is dependent on how fast the home appraisal takes. The sellers need to realize that a fully TBD mortgage approval is almost equivalent to a cash offer. The file has not just been qualified and pre-approved by the loan officer, but the file has been processed, underwritten, and signed-off by the mortgage underwriter.

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