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5 Ways Ameris Bank Can Give Your Buyers a Competitive Edge

July 28, 2021

 

There is no doubt the competition for buying a home is fierce right now. Here are a few tools Ameris Bank offers to give prospective homebuyers a leg up on the competition and get them into their dream home quickly and easily.

Decision Now Pre-Approvals

In multiple bid situations, a pre-approval through our Decision Now process can bolster the buyer’s financial credibility with the seller. Below are a few highlights of our Decision Now program:

  • Pre-approval comes directly from Ameris Bank’s internal underwriting team after reviewing credit and income documentation and considering stated source of funds for closing.
  • The borrower will receive a pre-approval certificate to use with their offer.
  • Can help reduce the length of the loan process, getting the buyer to the closing table sooner.
  • Contingency dates may be shorter.
  • Provides strength and financing credibility to win multiple bid situations.

Ameris Bank Funds Loans Upfront

Funding loans up front means that the funds to close have been wired to the attorney prior to the signing. The parties can each depart from the closing with funds in hand, saving them time at closing and a return trip to the attorney’s office. For buyers with back-to-back closings, having immediate access to their funds is crucial. While this service is standard for Ameris Bank, it is not a common practice in the mortgage industry.

Appraisal Contingency Relief

Limiting appraisal contingencies is another way to strengthen a buyer’s offer. For buyers using conventional financing with at least 20 percent down, the home may qualify for a Property Inspection Waiver (PIW). By allowing the mortgage banker to check the property for PIW availability prior to making an offer, the borrower can save time and money, and strengthen their offer by waiving the appraisal in their offer. In situations where a PIW is not available, borrowers may be able to pay a rush appraisal fee to reduce the appraisal contingency time.

Lender Credits to Assist with Closing Costs

In a multiple offer scenario, requesting funds from the seller for closing costs could negatively affect the outcome of the offer. Lender credits allow for an increase in the interest rate in exchange for the lender to cover some or all of the buyer’s closing costs the day of closing. While an increase in interest rate will results in a slightly higher monthly payment, it may save the buyer significantly at the closing table. A lender can provide options for the buyer to evaluate what is best for their situation.

Portfolio Loan Options

Using a lender that offers portfolio loan options can provide alternative financing solutions should the buyer’s financing, the condition of the home, or purchase price take an unexpected turn. Portfolio loans usually offer more flexible financing guidelines and may even provide options for lower down payments, which can help offset an increase in the sales price during a bidding war.

In today’s fast-paced market, you can expect Ameris Bank Mortgage Services to go above and beyond to close loans fast and on-time and provide the best experience possible for your buyers.

 

By: Marlene Sheard

Marlene is the mortgage marketing representative for Ameris Bank and previous sales and marketing president for her local Home Builders Association. She enjoys sharing her experiences for the buying, selling and financing of homes.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All loans subject to credit approval. This document is not a complete description of all eligibility requirements. Additional program restrictions and limitations may apply.