Mortgage Commitment Letters - Show The Money!

Mortgage and Lending with Hamilton Group Funding, NMLS#831824 NMLS# 831824

realtor with money offerMortgage Loan Commitment Letters are the way to show the sellers the money.  When I issue one it is my commitment that I have a mortgage waiting for the client, they just need to find a house.  

Get a Mortgage Loan Commitment Letter here.

As the housing market improves, we are hearing more reports of multiple offer situations.  Not every client can afford to be the highest bidder, so some are sweetening their deals another way: by getting the seller their money the faster than the compition.  

But not everyone can be a cash buyer either.

So we must make our borrowering clients as effective as cash buyers.

According to Ellie Mae, the average time required to process, approve and fund a purchase mortgage is 47 days, up 12% since this time last year. And since purchase applications are increasing (from an already  multi-year high)  and government regulations have required additional reviews and quality control tests for underwriters to perform,  underwriting approval times are not expected to improve soon.

So if a home seller prefers a buyer who can close in less than 30 days over one who asks for 60 days, what do we need to do to execute a 21 day funding?

Gathering paperwork is the most time consuming element in the process.  If you have received your loan commitment letter without turning over complete documentation, please know you are a long way from Approval.  An ideal pre-approval process should contain a complete underwriting file with only the property-related details missing.

Share everything with your lender; be open and honest.  Not doing so could constitute fraud, and they will uncover your omissions anyway.  The more you share with your lender, the more equipped they will be in helping you close quickly.

With complete information already turned in, and most "surprises" accounted for, buyers should be ready to move immediately into the underwriting stage upon turning in the contract.

This level of pre-qualification can save a tremendous amount of time and improve the quality of the Loan Commitment Letter.

Soon the market will recognize your Mortgage Commitment Letters to be as valuable as seeing a briefcase full of money.

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If you have any questions on how these information could impact your personal mortgage situation, call me today at 918-949-7248 or email me at

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Providing mortgage and liability management on
an ethical and objective basis.


John Regur
Phone 918-949-7248
NMLS #831824
Click Here For Application

Mortgage banking through
Cityscape Home Mortgage
5801 East 41st Street
Suite 350
Tulsa, OK 74135
NMLS #200326


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Comments (5)

Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

John, it's really tough right now for home buyers buying with a mortgage loan. Great post, Thank you.

Mar 20, 2013 02:36 PM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK


This is a great post.  We know what it takes in Oklahoma, in particular due to the abstracting process, to get closed.  A loan officer that thinks in terms of trying to get their clients closed quickly is a wonderful loan officer.  

Mar 21, 2013 06:07 AM
John Regur
Hamilton Group Funding, NMLS#831824 - Tulsa, OK
Branch Manager, Hamilton Group Funding NMLS#831824

Pamela - Thank you.  Our buyers need to stand out every way the can.

Judi - I appreciate your compliments.  

Mar 22, 2013 03:02 PM
J. Worley
Divorce & Child Custody - Phoenix, AZ
AZ Attorney: Personal Injury & Divorce

Great post John. It's very clear and easy for a non-pro to read. The question is: Can you really close a loan in 21 days? That's rocket-ship fast!

Apr 02, 2013 10:22 AM
John Regur
Hamilton Group Funding, NMLS#831824 - Tulsa, OK
Branch Manager, Hamilton Group Funding NMLS#831824

Thanks AZ Attorney - 21 days to close is very realistic when the pre-qualification phase is taken seriously and documentation is completely reviewed in advance.  

Apr 05, 2013 02:15 AM