Introducing Open Mortgage’s Power Play
Open Mortgage is excited to announce the release of the Open Power Play. Open Power Play is a new upfront underwriting program we designed to put power back into clients’ hands when bidding wars and low inventory leave many house hunters feeling like finding and purchasing a new home is out of reach.
Open Power Play lets qualified homebuyers have their mortgage application reviewed by an underwriter (the person who has the authority to approve or deny the loan) before they begin making offers on homes. This gives buyers a distinct advantage because they can make bold offers with the confidence that their mortgage application has already been reviewed by the decision-maker. Open Power Play also gives sellers confidence in accepting offers since they know the buyer has credible financing. Open Power Play is offered to clients who are self-employed, work contract labor, or have need of larger loan amounts. Open Power Play also extends to clients using a DPA/Bond Loan Program and low credit scores or poor credit histories.
Open Power Play gives buyers and sellers extra confidence because the underwriter is involved earlier in the process than most lenders allow. Underwriting is the most critical part of the mortgage process because this is where prospective homebuyers ultimately receive the green light to secure their mortgage. But it is usually not performed until after the client has already made an offer on a home and gone under contract. During the underwriting process, our Underwriters determine borrowers’ creditworthiness by checking their credit history, debt-to-income ratio, and verifying any down payment and savings ultimately deciding whether they are approved, essentially securing their loan.
Open Power Play empowers clients with non-traditional profiles to compete with other potential homebuyers and their agents by exceeding prequalification. Prequalified simply provides an estimated amount that can be borrowed based on stated income and assets, but not necessarily verified. By moving the underwriting to the beginning of the transaction, you and your client know how much they are approved for, moving forward with peace of mind that approval is in place. This transforms the experience into a quicker, smoother, and more enjoyable process for everyone — with a more powerful offer presented to sellers.
Contact your local Open Mortgage Loan Originator to learn more about our Open Power Play or with any other questions you may have about homeownership.