WILLIAM RAVEIS SLASHES HOME MORTGAGE CLOSING TIME
May 2, 2017, Shelton, Connecticut– Home-buyers wanting to close quickly on hot listings in a tight market will no longer have to wait 45 days long, as is the industry standard for mortgage closings.
Now, William Raveis Real Estate, Mortgage and Insurance has cut the closing time in half. This spring, the family-owned company announced plans to reduce approval for mortgages to 21 days, giving home-buyers and sellers, as well as the company’s 4,000 real estate agents, a significant competitive advantage in a highly competitive market.
Colleen Comeau, an executive mortgage banker with the company has already found success with the new strategy. “A buyer came to me and I immediately had them pre-approved,” she says. “After submitting offers on three homes, they still ending up losing them. When they found another home they loved, it was in multiple offers but with our promise, — and ensuing delivery — of a 21-day close, the sellers accepted their offer above all others. Despite being out-of-state buyers and not being geographically close to their purchase, my new clients achieved their dreams through our new approval process.”
“The Spring market has a lot of buyers looking for homes but not a lot of inventory,” notes Ryan Raveis, president of William Raveis Mortgage LLC and co-president of William Raveis Real Estate. “As a result, when a well-priced home comes on the market, it has multiple bids and may go for slightly higher than normal. What we wanted to do with this slash in closing time is give our buyers the ability to compete beyond price and to close more quickly than others buyers.”
Applicants are subject to credit approval and must meet certain guidelines, such as: The loan amount must be within conforming limits— no more than $424,100 (up to $636,150 depending on the geographic area); the applicant must use an attorney willing to close within the shorter time frame; and repairs needed to the property must be completed by the seller prior to filing the application.
“The 21-day close period begins ticking the day we receive a fully-signed and completed application,” adds Raveis. “It’s a consumer-driven initiative that shows the power of our mortgage company but also our desire to better treat not just millennials but all of our customers, and with the courtesy, civility and family-oriented service for which we’ve come to be known in the industry.”
A full-service mortgage banker offering most types of mortgage products, William Raveis Mortgage is licensed to originate loans in Connecticut, Florida, Massachusetts, New Hampshire, New York, New Jersey and Rhode Island.
Ryan Raveis and his brother, Chris, are co-presidents of William Raveis Real Estate, Mortgage and Insurance, the company founded in 1972 by their father, William M. Raveis, Jr., who serves as chairman and CEO. It is the largest family-owned real estate company in the Northeast, and one of the largest in the nation.
For more information, visit www.raveis.com, or call 203.929.2199.
William Raveis Mortgage, LLC 7 Trap Falls Road, Shelton , CT 06484 NMLS 2630
William Raveis Mortgage, LLC 7 Trap Falls, Shelton, CT 06484
NMLS ID 2630 * CT Mortgage Lender ML-2630 * FL Mortgage Lender MLD1388 * MA Mortgage Broker/Lender MC2630 * NH Mortgage Banker 11083-MB * NJ Residential Mortgage Lender 2630 * NY Licensed Mortgage Banker-NYS Banking Department of Financial Services LMBC 106535/B500898 * RI Mortgage Lender & Broker # 20051918LL & 20051919LB * VT Lender & Mortgage Broker #6952 & #1297MB