Win the bid and close faster with Same Day Mortgage.
In today’s hyper-competitive housing market, speed matters. In fact, how quickly you’ll be able to close on your loan and cut a check to the home seller could be the difference between a winning bid and the second-place bid.
Ever since housing inventory started to become an issue before the start of the pandemic, there have been more buyers than there have been homes for sale. That means sellers have had plenty of buyers bidding for their home. Right now, housing inventory is at historic lows.
In addition, all-cash offers currently make up 28% of all home purchases. A prospective homebuyer is up against cash buyers and finding themselves in more and more bidding wars. The advantage that cash has is that the seller doesn’t have to wait for a lender to approve the loan, a process that can take weeks.
What’s more, selling a home can be a stressful experience, especially with the worries about juggling two mortgages after they’ve bought their next home but are still trying to sell their current home. Sellers are eager to sell their homes as quickly as possible.
Close as fast as cash buyers
Once you find that perfect home, and you find yourself duking it out with other unseen buyers, do you know what the biggest factor between you and them? Time.
That’s why we developed our Same Day Mortgage to give buyers a better way to compete for –and win – the home. With Same Day Mortgage, our expert team can get you:
- Loan approval in 24 hours*
- Closed in as little as 10 days**
Did you know that traditional mortgages take as long as 45 days to close…or more?
No matter what your competition is offering in terms of price and waived contingencies, the one area that they don’t have control over is how long it takes for their mortgage provider to process their loan application. Some mortgage providers can take weeks just to approve an offer and schedule a closing.
But the market right now is moving too fast for 30–45-day loan approvals and closings. You need a lender who can bring it to you faster.
And when you pair your Same Day Mortgage with our PowerBid Approval, which gives your offer a fully underwritten credit approval, you will be just as competitive as all-cash buyers.
Get home faster with our Same Day Mortgage
We made it so easy to enroll in our Same Day Mortgage program and get your mortgage lightning quick:
STEP 1: Contact an expert Loan Officer to get started.
STEP 2: Provide us with all required documents within the specified timeframe.
STEP 3: That’s it. The rest is on us.
It’s really that easy!
Getting all of your information in as quickly as possible is particularly important for Same Day Mortgage. We can only move as fast as you provide us with the information we need. It’s so important that you do your part that we’ll give you a $250 credit for sharing all the required documents in the specified timeframe.*
So not only will your bid move faster and help you outbid the competition, but you’ll get $250 on top of all that.
So talk to a Guaranteed Rate loan officer about Same Day Mortgage and you will have the speed you need to get into your dream home.
* Same Day Mortgage Full Disclosure
Guaranteed Rate’s Same-Day Mortgage (aka “FastTrack”) promotion offers qualified customers who provide certain required financial information/documentation to Guaranteed Rate within 8 hours of locking a rate on a mortgage loan the opportunity to receive a loan approval within 1 business day of timely submission of documentation and does not suggest that the borrower will receive funding on the same day as their application submission. For purposes of this offer, documents provided after 1 pm local time or on a weekend or company holiday will be deemed submitted the next business day. Guaranteed Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Guaranteed Rate reserves the right to revoke this approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation. Read and understand your Loan Commitment before waiving any mortgage contingencies. Borrower documentation and Intent to Proceed must be signed within 8 business hours of receipt. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Self-employed borrowers and Co-borrowers are not eligible. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Eligible borrowers who successfully provide all required documentation within 8 business hours will receive a $250 Closing Cost Credit applied at closing, no cash value, and may not be combined with any other Lender promotions, discounts, or concessions. Not available in all states. Restrictions apply. Visit rate.com/same-day-mortgage for terms and conditions.