When a seller has several offers, price isn't the only thing they compare. They want to know which buyer will actually close. Your financing is a big part of that answer, and sellers and listing agents know the difference between a letter and a loan.
There are three stages.
1. Prequalified
A lender has talked with you and maybe pulled your credit. Nobody has verified your income, assets, or debts. A prequalification is an estimate. It helps you set a budget, and it tells a seller almost nothing.
2. Preapproved
A lender has reviewed some documents and run your credit through an automated system. It's better than a prequalification, but the file hasn't been through an underwriter. Plenty of preapproved buyers find problems after they're in contract, and that's when deals fall apart.
3. Fully underwritten
An underwriter has already reviewed your pay stubs, W-2s or tax returns, bank statements, and credit, and approved you. What's left is the property itself: the appraisal, title, and final checks.
That's the offer a seller takes seriously. It can support a shorter financing contingency or none at all, and it competes nearly like cash.
Why it matters
- Your offer is stronger. With the loan already approved, the seller's biggest worry about your offer goes away.
- You close faster. Most of the lender's work is done before you're in contract.
- You find problems early. An income question or a credit issue shows up before offer day, not in the middle of escrow.
What you'll need
Getting fully underwritten takes the same documents you'd need anyway, just earlier:
- Recent pay stubs and W-2s, or two years of tax returns if you're self-employed
- Two months of bank and investment statements
- ID, and details on any other properties or debts
- A letter or documentation for any large deposits
How we do it
Arrivva runs a mortgage brokerage alongside our real estate side. We fully underwrite you before you make an offer, and when it helps, we pair your rebate with interim financing so you can compete as a cash buyer and refinance after closing.
See how buying with Arrivva works, for a flat $9,750.