Today, we're going to be talking about same day mortgage.
Okay, so first of all, what is same day? It's basically it takes the mortgage process from this and it cuts it to this. So, same day mortgage is the mortgage product where we're offering 10 to 12 Day closes. That's right, start to finish you write an offer on a house, they accept it, you get the keys 10 to 12 Days Later. It's slick, it's really fast.
So, the most important thing is why do you care and how is it a benefit to you? I'll tell you all about the product after that, but let's get real first. Okay, it's a benefit to you because:
A. It takes the stress away. One of the biggest issues that I see is people really concerned about what the underwriter's saying, what the underwriter's doing, what's going on in underwriting. Also, if I have people calling me from YouTube and they have a problem with their loan, usually their file's been in underwriting at some other lender for two or three weeks, which is crazy. So, this eliminates all of that. So, same day mortgage, you fill out your application, you get us all your docs, you get an approval the same day that you give us your documents. Okay, all of them, all of them, yeah, same day. Now look, if you give us your documents at 5 PM, do I have someone working until midnight to do this for you? I don't, but if you give them to us by, I believe it's one o'clock Central, then you get your approval the same day. Okay, and I'll have to verify by that, so I'll put in the comments what time you've got to get the docs to us. Anyways, it takes the uncertainty out, so quickly, you don't have to worry. You're literally having a fully underwritten, you know, loan. Or, I do this on pre-approvals now too, within like two days. Like, it takes so much pressure off.
Now, why else does it benefit you? It makes your offer stronger. It's that simple. So, there are two reasons it makes your offer stronger. Number one, it gives you the ability to close really quick. And if you have a seller where maybe they moved out already and they're paying two mortgages, or maybe it's an investor and they flipped it and they want their money, you know, being able to close quick can put you ahead of other offers. So, instead of having to write a check for five, ten thousand dollars more, you offer them the ability to close quickly. And you guys may be like, do they really? Yeah, they really care. They really care. It is literally one of the ways we're getting buyers' offers accepted in a really competitive market. It's like if you're a conventional buyer, and that's who it's for right now, I'm going to tell you more, it's opening up to everyone else soon. If you're a conventional buyer, I don't know why you would be doing anything except for same-day mortgage. Like, why would you work with a lender where it's going to take them 30 plus days to close, even 20 days? It doesn't make sense anymore because Guaranteed Rate is taking that timeline and smashing it.
So, if you're going, "Well, I really like my lender, but they'll close in 30 days," you better pray you don't come up against me and one of my buyers with a 12-day close. You know, you may be like, "Well, the sellers don't really care." Yeah, maybe they don't care about closing that quick, maybe they do want a 30-day close. But guess what? It looks a lot stronger if the buyer can close in 12 days. Yeah, yeah, I mean look, if a mortgage company is saying, "Oh well, we've got to get loan approval, it's going to be 30 days," versus, "They're already approved, fully underwritten, we have a loan commitment, we just need the title and appraisal to close," who would you pick? Do you want to play with this one that hasn't been fully underwritten, or do you want to play with this one? It's going to be over there. I know, I know. Okay, so that's why the product's so great.
Does it cost more money? No, guys, it's the same as any loan that we do at Guaranteed Rate. Our fee is fourteen hundred and forty dollars, that is Guaranteed Rate's flat fee to do a loan regardless of loan size. The exception to this, we have two exceptions: if you are a VA buyer, we waive our lender fee, and if you are an IAFF member, my team waives their lender fee on that. Okay, $1440, no extra charge for same-day mortgage, you're just getting a faster, more competitive loan for the same amount. Okay, cool, right?
Now, I know I have a lot of veterans who watch me, I appreciate you guys, so here's the cool thing. So, right now, this is conventional only, not self-employed borrowers, like it's very vanilla. We're in the vanilla ice cream shop right now. However, they are working on, and I have this from very high authority, they are working on doing same-day jumbo, which will be huge, same day FHA, which will be great, and same day VA. Hallelujah, let's change the game, okay? We're very excited about all of that. You know, look, this is done, it's not just that we have like a ton of underwriters with nothing to do, this is an underwriter and an AI combined, so this is a technological advancement. You know, Guaranteed Rate spends a ton of money trying to constantly be the next cutting edge of what's gonna happen to make the buyers' experience better because that's what this is about, it's a better experience for you.
Now look, could our company just sit there and be like, 'Yeah, they already did, cool,' yeah, we could. Good, but it's not the company I work for, you know? I've got a CEO and founder who is so obsessed with being the best and revolutionizing the mortgage industry that we have this product, which I think is great and it's a benefit to you guys.
Okay, so yes, I am using it on every single conventional loan I have that qualifies for same day. 100% I'm using it. Now, I am doing it for pre-approvals as well. So, let's talk about what that means. If you guys fill out an application with me, are you gonna have a fully underwritten pre-approval same day? No. If you qualify for the same day program, Jen or Sam, it doesn't matter what type of loan you guys are doing with me, when you fill out an application, they always are going to get you on their calendar to go through the application line by line.
I'm going to be doing another video why they do that, but they want to make sure everything's right. Okay, because the key to success in any of this is structuring your file up front. So, they talk to you, we make sure everything's okay. You have to sign an authorization. Are you giving me your soul? No. Are you giving me your wallet? No. You're just giving me permission to verify your employment with your employer, which I have to do to do a fully underwritten pre-approval, that's it. Then it goes to the underwriter, they reach out for docs, you get them the docs, you get the approval. It is magic. After the approval, as with all of my loans, you get on the calendar with me. We talk about closing costs, we talk about payments, we talk about your debt to income, we talk about what to watch out for, we talk about your feelings, we talk about your real estate agent, we talk a lot. So look, I am loving the same day. That's why I wanted to do another video about it. You guys, here's the thing, you could work with a lender that just moves like old school or you can jump into new school and be more competitive. It's that simple. If I'm buying a house, I'm going to be jumping here, and for everyone where same day is not eligible yet, right? For my FHA, VA, jumbo buyers, guys, they are working on it, and I expect I'd be surprised if I don't have it within the next six months, but those are more complicated scenarios, so there is a lot more tech that has to be developed on the back end. Okay, as always, I'm licensed in 48 states. I would love to help you guys with your mortgage. My team would love to help you with your mortgage. We are here to support you. If you have questions or comments, hop on the calendar. Alyssa and Sandy, every single day, guys, I hired them just to answer your questions. You know, even if you're four years out, just call us. We're happy to make you more comfortable buying a house and also to point you in the right direction if you're having trouble. Thanks for watching.
https://www.youtube.com/watch?v=qCeVh7QB2TM
Today, I want to introduce you to the exciting world of same-day mortgages and how they can revolutionize your home buying experience. Imagine going from making an offer on a house to getting the keys in just 10 to 12 days. It's not a dream; it's the reality of same-day mortgages.
Why Should You Care About Same-Day Mortgages?
Is There an Additional Cost?
No, there is no extra cost for same-day mortgages. At Guaranteed Rate, our fee is a flat $1,440, regardless of the loan size. We do have exceptions, like waiving the lender fee for VA buyers and IAFF members.
What's in Store for the Future?
While same-day mortgages are currently available for conventional loans, we have exciting plans for the future. We're actively working on introducing same-day mortgages for jumbo, FHA, and VA loans. Our commitment to innovation ensures that you'll continue to enjoy a better home buying experience.
What You Can Expect During the Process
If you're interested in a same-day mortgage, here's what you can expect:
Why Guaranteed Rate?
Our CEO and founder are dedicated to revolutionizing the mortgage industry. We don't settle for the status quo; we aim to provide you with the best possible experience. Whether you're four years away from buying a home or ready to make an offer, we're here to help and guide you every step of the way.
In conclusion, same-day mortgages are a game-changer in the real estate world. They reduce stress, make your offers more competitive, and offer the convenience of a faster closing. At Guaranteed Rate, we're committed to providing you with the best mortgage experience, and we're excited to introduce same-day mortgages for more loan types in the future.