MOLINGO: Mortgage Lingo with Michele Hammond, Carbon Team at CrossCountry Mortgage
Rates are up, so business must be slow, right? WRONG! There is a misconception that higher rates have caused the market to slow down, and while that may be true in some other areas of the country, I definitely do not see that trend in our market. According to Redfin, 70% of all homes for sale saw bidding wars in early 2022. Inventory is down and demand is still high, which results in multiple offer situations. In fact, I’ve seen many clients go from waiving inspections, to waiving appraisals, to waiving financing contingencies to even paying all-cash because that is required to win the property.
For those of us who don’t have cash as an option, clients are asking – what can I do to strengthen my offer? My suggestion is to take advantage of our FastTrack Program. Our FastTrack Credit Approval program can prevent you from losing your dream home to someone else. With credit conditions already cleared, your loan could close in as few as 10 days after the signing of the purchase contract. I have helped many buyers win in this market using this strategy. Contact me to find out more.
Vice President of Lending
CrossCountry Mortgage, LLC
Personal NMLS85839 Branch NMLS1601092