Not only is Credify like eBay for mortgages, forcing lenders and brokers to openly compete for your mortgage, it is like Costco for mortgages too!
You can apply for a mortgage up to 2 years before you need it on Credify. This is because of the unique way Credify's "Open" and "Close" dates work, and what can happen with mortgage applications during those 2 years.
When you make a short mortgage application on Credify, we ask you for your "Open" date and "Close" date. The "Open" date is the date on which you would like us to publish your mortgage application so that brokers and lenders can make you a mortgage offer. The "Close" date is the date at which you would like to close on the mortgage. For the purposes of this article, it is the "Open" date that is important.
This is very useful for people who know in advance when they are likely to need a mortgage, like:
- Students finishing college
- US service members leaving service
- First time buyers who know when they will have saved their home deposit
- Investors with an upcoming investment maturity
- People coming up to their retirement date
- Empty-nesters downsizing
- People planning to buy a holiday home
- An upcoming job move or promotion to another location
- Couples planning to get married
- People waiting for probate to release an inheritance
- Parents knowing they will need a bigger home for a growing family
- People waiting for interest rates to change direction
- Parents wishing to buy a home for their children at some point in the future
- People coming to the end of an adjustable rate mortgage or "ARM".
- ...and many more.
Let's say you are a conventional borrower, saving up a deposit to buy your first home. You expect to reach your saving goal in 18 months. You have a FICO score between 680 and 700.
Then imagine if there are hundreds or even thousands of people just like you.
Mortgage lenders have the ability to monitor Credify's "pre-order book" for groups of identical borrowers just like the one described above. When a group becomes large enough, lenders have the ability to make a mortgage offer to the entire group. This can be an extremely efficient way for mortgage lenders to capture a lot of business with very little effort or cost on their part. Lenders will compete fiercely against each other to win this low cost business...
...and they will compete on mortgage rates and closing costs, potentially offering mortgage rates and closing cost packages not available to the general public!
It's a bulk deal. It's Costco for mortgages!
Even if you are 2 years away from needing to secure a mortgage, it makes sense to put your mortgage application on Credify right now, using your "Open" and "Close" dates to let us know when you will be ready.
If your circumstances change at any time, simply log in and adjust your application any time. We'll keep you automatically informed every few months and as you approach your mortgage application "Open" date.
If you know you will need a mortgage at some point in the future, apply on Credify today for the chance to get an amazing, Costco-like mortgage deal, effortlessly.