Total Mortgage Services LLC has announced it launched its guaranteed purchase loans program. The program will guarantee a borrower that their purchase mortgage loan will close in 30 days or the company will pay the first month’s mortgage payment. The guarantee is for all borrowers that formally apply for a loan and are preapproved by Total Mortgage.
“Industry data confirms it currently takes many lenders more than 45 days to close a purchase loan. This is unacceptable—especially as we transition from a buyer’s to seller’s housing market and turn times become more critical for homebuyers and realtors,” said John Walsh, president of Total Mortgage. “Our Total Guarantee 30 program will close real estate purchase transactions faster and build trust throughout the lending process with borrowers and our referral partners.”
“We understand the importance of closing a loan quickly while maintaining a strict attention to detail,” Walsh said. “There’s nothing more frustrating for the buyer, the seller, and the lender than a missed closing date. It costs everyone money and time and in some instances can cause a sale to fall apart. With our program, our customers will no longer have to worry about the possibility of a missed closing date.”