Mortgage borrowers in highly competitive markets where cash is often king can now show sellers that their offer is good as cash, thanks to Guaranteed Rate.
The retail mortgage lending giant is rolling out a new program that features a full underwrite of a prospective borrower before the borrower settles on a property.
The program, called “Red Arrow Approval Express,” is offered at no cost to the borrower.
According to Guaranteed Rate, the program can speed up the mortgage process and help homebuyers get the home they want more efficiently.
The program delivers a full underwrite of credit, income and assets in as little as four hours, according to the lender.
To use the program, buyers will submit several important documents, including W-2 forms, paystubs, tax returns and bank statements.
Then, buyers are equipped with a real credit approval from Guaranteed Rate that they can use when making offers on their next home.
“Red Arrow Approval Express gives Guaranteed Rate customers a huge competitive advantage and can make the difference in being able to secure that first-choice dream home,” Guaranteed Rate Chief Operating Officer Nikolaos Athanasiou said. “Especially in seller markets this program minimizes the chance of losing a potential home to another qualified buyer, including all-cash offers.”