How Your Mortgage Broker Can Put Your Offer in the Lead

You probably know the obvious reasons to choose the right mortgage broker: the lowest interest rate, and someone professional and creative who keeps up with the available loan options.

Those matter for your finances and for your whole escrow experience. Escrow can be stressful and overwhelming, so an organized broker who stays ahead of processing hiccups will be your saving grace.

The broker who helps your offer win

You also need a broker who helps your offer get accepted. In multiple-offer situations every term matters, and sellers and listing agents look closely at whose pre-approval letter is attached. Put yourself in the seller’s shoes: you want a sure thing. That comes down to three things.

1. A quick close of escrow. Lenders have different closing time frames; choose one who can close fast. The fastest we’ve seen is 14 days, and 21 days is usually considered quick.
2. The loan contingency. Pre-approval is only an initial review of your paperwork; full underwriting normally happens during escrow. Ask whether your lender can fully underwrite your loan before your offer is accepted. If so, you can offer without a loan contingency, and sellers love fewer contingencies.
3. Local and reachable. Sellers want to know your lender will keep to the escrow schedule, which means being available after hours for updates and calls. Avoid a lender you can’t reach by cell.

Choose before you start making offers

Settle these questions up front so you don’t have to switch brokers once you start writing offers. That’s a pain for you, and unfair to the broker who did all the legwork. Ask us or friends for recommendations, or read reviews in a local directory like Yelp.