Medical professionals are acutely aware of how important timing is to successfully managing circumstances. They know time is important and hate to see it wasted. Borrowers relying on slow lenders are throwing away precious time when they could be moving forward with pre-approval. Unfortunately, the current state of the industry has seen an increase in delays and pre-approval may take as long as 30 days. Finding the right lender will help you get a fast mortgage and keep you advancing towards your goal of property ownership. It is possible to get quick mortgages but understanding the current context lenders are in will help illustrate the importance of using a broker to maximise your advantage as a buyer.
Slow lenders are costing buyers their advantage
During the real estate buying flurry that we’ve experienced during COVID, we keep hearing the same story. Not from my clients, or Loan Market’s clients, but would-be buyers who keep missing out.
Yes, it stands to reason that every bidder doesn’t buy the house as there’s plenty of competition but that’s not the problem. Such is the volume of buyer activity that some lenders are not turning around pre-approvals in time for auctions, offers, or opportunities and buyers are getting burnt by the process.
It’s not all lenders, of course, and therein lies the problem. Borrowers don’t know who’s quick, who’s offering competitive rates, who’s suitable for them and who’s prepared to lend to them. And they certainly don’t know how long it’s going to take.
Have your clients experienced this? If so, what should they do? Get me involved, sooner rather than later. I know the banks like the back of my hands and the lenders like the lines on an application form (I’ve filled out enough of them over the years!).
With so many seemingly eye-catching deals catering to the first home buyer, particularly right now, it is difficult for the average punter to dissect the good from the bad, the fast from the slow.
Our friends at Ray White, have seen the Spring selling season in full swing. With continued confidence to soar across the Australian property market. With over 5,000 new properties on the market (seven per cent lower than this time last year), there’s lots of opportunity for borrowers.
Pre-approval gives your clients the scope and the security to engage in the property market – they know how much they can spend and they know they have approval to access those funds.
It doesn’t bind them to buying and being equipped with pre-approval is a crucial step towards getting on (or further up) the property ladder.
Let’s give your clients an advantage in this competitive market.
The Current State of a Fast Mortgage
What is stopping people from securing a fast mortgage? COVID has slowed many industries down and left other businesses completely disrupted unable to work in their usual location or from home. An additional reason for delays is the sheer number of loan applications is enormous. While it is reasonable to state that COVID has disrupted many industries, including ours, some buyers are finding ways to get quick mortgages.
How fast can you get a mortgage?
Getting a fast mortgage can be expedited by having all your documents up to date, maintaining a solid credit score, and having savings to make a significant deposit. After that, work alongside a mortgage broker as they have the expertise and connections to help you find quick mortgages. Top brokers often receive priority service from banks which means your application will be processed quicker.
Opt for an Advantage
Medipro Capital Finance helps provide home loans for medical practitioners and have over 25 years of experience to help get you into your dream home. Please get in touch by calling 1300 375 626 or by connecting with us online.