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Mortgage lenders are staying busy amid pre-approval request backlog

Caliber Home Loans
Posted at 4:10 PM, Jun 28, 2021
and last updated 2021-06-28 19:53:44-04

BELLEVUE, Tenn. (WTVF) — Some mortgage lenders are slammed as they try to keep up with pre-approval requests.

At Caliber Home Loans, loan consultant Elizabeth Hamilton said there’s a backlog to get pre-approval letters for buyers.

"I would start with a pre-approval before you ever start your home search just so you have a realistic idea of what you can afford," said Hamilton.

With cash buyers coming in from out-of-state, most listing agents will ask for a pre-approval letter to even be considered.

"With the prices increasing, with the out of towners, and the competitive nature of it, I’m having to go in and make adjustments for them so all we can do is sort of roll with the punches and be flexible," said Hamilton.

In addition, she has to make changes if buyers want to purchase a more expensive house.

Right now she said she’s on-call all the time. "I do try to make myself more accessible than I’ve had to in the past just so that if there is an offer on the table, that may be in competition with another one," said Hamilton. "I can go to bat for my buyer, that’s something that I’d like to provide."

Lastly, a lot of deals are taking longer to close because buyers are getting into multiple bidding wars.

"Just really be proactive, make sure you give yourself enough time on that pre-approval, usually we can turn them around pretty quickly, but every situation’s different," said Hamilton.