Quad Cities real estate professional John Cornish (563-214-1539) launched a TBD (To Be Determined) mortgage pre-approval program for first-time homebuyers and investors in Eldridge.
-- John Cornish and his team at Key Mortgage Group introduced the TBD pre-approval program to help first-time or repeat homebuyers differentiate their offers and improve their closing potential in the Quad Cities' competitive market. Unlike standard pre-approvals reviewed by a loan officer, TBD programs are based on an underwritten loan commitment.
More information is available at https://www.qchomeloan.com/
Favorable mortgage rates and high affordability are expected to spur competition in the Quad Cities market through the first half of the year. According to nationwide and local housing experts, the city of Eldridge has a 'somewhat competitive' housing market with a 99.8% sale-to-list price. The team at Key Mortgage Group believes that in these market conditions, TBD pre-approvals give buyers an edge by demonstrating to sellers that financing is essentially guaranteed, making their offers nearly as attractive as cash offers.
Explaining his approach to a recent successful mortgage pre-approval, John noted that the standard pre-approval process involved a detailed review of the applicant's credit report, income documents, automated underwriting approval status, and other documentation demonstrating their capacity, credit, collateral, and capital—the 4Cs considered by underwriters.
TBD pre-loan commitments are beneficial when there are 'gray areas' in the approval process—situations where mortgage guidelines could be interpreted differently by different underwriters, a borrower's complex credit history, or debt-to-income ratios near the limit. In such cases, the applicant's file is sent to an underwriter to secure a pre-loan commitment.
This commitment benefits applicants and agents by strengthening a borrower's competitiveness and protecting them from unnecessary costs associated with inspections and property appraisals. "It also protects the agent by streamlining the process. They don't have to spend time showing houses on something that won't get to the closing table," Cornish explained in a recent video.
New homebuyers and investors in Eldridge and the surrounding communities can now consult John Cornish and the Key Mortgage Group about how the new TBD pre-approval program mitigates the risk of denial after selecting a property.
About John Cornish
Mortgage broker and real estate lending expert John Cornish is an alumnus of St. Ambrose University and a Quad City real estate community leader. In 22 years, John has helped more than 2,300 families secure mortgage financing while co-founding Key Cares Foundation, which has raised $160,000+ for local nonprofits. With Key Mortgage Group, he works with buyers and sellers across the Quad Cities area, including Davenport, Bettendorf, Pleasant Valley, Eldridge, Rock Island, and Moline.
For more information about TBD programs for new purchases in Eldridge, visit https://www.qchomeloan.com/
Contact Info:
Name: John Cornish
Email: Send Email
Organization: John Cornish - Mortgage Lender
Address: 5189 Utica Ridge Rd. , Davenport, IA 52807, United States
Website: https://www.qchomeloan.com/
Source: NewsNetwork
Release ID: 89160562
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