Frequently Asked Questions

Why does Board exist?

We believe everyone deserves an equal shot at homeownership. For first-time homebuyers. For single parents. For ranchers, artists, and engineers.

We offer exclusive financial products for people of all stripes.

We exist to connect people to the potential in homeownership known and to be imagined

What services does Board offer?

Our mission is to discover and unlock the possibilities in homeownership.

Our signature service, the Board Cash Offer, levels the playing field between financed homebuyers and cash buyers. We also offer the DropRate refinance program, which automatically notifies homeowners when there’s monthly loan savings available. While Board will expand to other home-related financial services, we do not offer checking accounts, credit cards, personal loans, business loans, or commercial real estate loans at this time.

Why does Board work with sellers and agents?

Unlike other lenders who focus solely on buyers, we work with real estate agents and sellers to make sure your deal goes through and your offer stands out. Agents lead transaction management and we work together to remove stress and uncertainty.

What is a cash offer?

In real estate, a cash offer comes without the contract “deal-killers” typical in a financed offer. Cash offers are preferred by sellers because they are far less likely to fall through compared to mortgage offers.

Why do sellers prefer cash buyers?

Sellers prefer cash buyers because the transaction is perceived to be less risky. Cash buyers aren’t subject to the lender guidelines and sales contract contingencies borrowers must put up with. These lender-imposed deal-killers put financed borrowers at a disadvantage.

Cash buyers typically spend less for the property because sellers see their transaction as more likely to reach closing. The phrase “Cash is King” is cliché for a reason.

What is a contingency and why are they bad?

Contingencies increase transaction uncertainty and kill real estate deals. Although meant to protect a buyer’s interests when the unexpected happens, contingencies end up working against you as they weaken your offer. Common contingencies include the financing contingency (borrower securing a mortgage) and the appraisal contingency (the property is appraised at or above the offer price), although there are many more.

Lenders require borrowers to make contingent offers, even though it’s not in your best interest. Contingencies weaken your offer in the eyes of the seller and reduce the likelihood of reaching closing.

What is a Board Cash Offer “BCO”?

A BCO lets homebuyers submit a cash offer without needing the entire amount in cash. We guarantee offers by acting as the backup buyer in case anything goes wrong. This means we can guarantee the funds for your offer when you submit your offer instead of days or even hours before closing.

How do I become a Board Cash Buyer?

You can become a Board Cash Buyer by completing our no commitment application here. A Board Member Services Representative can walk you through the application process. Once we process your application, you can submit a BCO Request on any home.

What does it mean to Initiate a Board Cash Offer?

Once you’re a Board Cash Buyer, we need to know the property you wish to buy and your desired offer amount. With this information, we can complete our final review and issue your property-specific estimated loan terms and Proof of Funds document typically within 24 hours.

Is an Initiated Board Cash Offer approved every time?

No. For instance, we may reject an BCO request if property-specific monthly payments are too high or the home’s estimated value is far below your offer price.

How is a Proof of Funds letter different from a pre-approval letter?

A pre-approval or pre-qualification letter is a lender’s estimate of the maximum amount you can borrow. Unfortunately, these letters are not a promise to fund your loan, and information is left to be verified until after you’ve signed a contingent sales contract.

On the other hand, Proof of Funds letters are issued by banks to guarantee to the seller that their buyer client has the necessary funds to make the desired purchase. Today, cash buyers use Proof of Funds to strengthen their offer relative to borrowers by eliminating doubt about their ability to purchase a home with cash.

What happens if the appraisal comes in low?

If you cannot qualify for a mortgage because of a low appraisal, Board purchases the home on your behalf. We then adjust the sales price down to make sure you can still qualify for a mortgage and buy the property. We back you offer with our cash.

How do you buy the home?

Board assumes the contract on your behalf and transacts with the seller. The Board Cash Offer addendum to the purchase contract that you and the seller sign (see here) ensures the transaction will close seamlessly.

Have you ever bought a home on behalf of a borrower before.

Yes.

What type of loans does Board offer?

We specialize in home loans, including conventional, FHA, VA, and USDA. We offer a wide range of loan products including low downpayment, fixed rate, variable rate, etc. Give us a call for more information on the Board Cash Offer, our loan products, and interest rates so we can determine what’s best for you.

What documents will I need for my loan application?

While requirements vary based on loan type, we will require your most recent W-2 or 1099, tax returns, pay stubs, and bank statements. A Board Member Services Representative will walk you through what documents you’ll need and where to find them.

When will I know my rate?

You’ll have a great estimate before you submit your Board Cash Offer. We can only lock-in an interest rate with a signed sales contract.

Does everybody qualify to be a Board Cash Buyer?

No. Board Cash Buyers must qualify for one of our many loan products. Unlike a regular mortgage, a Board Cash offer is a guarantee. We will not make a commitment unless we are certain we can deliver. To find out if you qualify, please fill out our no commitment application here.

How competitive are your rates?

We are competitive on rates, but most borrowers come to Board for the strongest offer and safest transaction in real estate.

Why do you use one title company?

They don’t mess up.

What is DropRate?

DropRate monitors interest rates so you don’t have to. When you have an opportunity to save on monthly payments or build equity faster, we’ll let you know. We believe your home should be a piggy bank and DropRate lets you maximize its wealth generation. DropRate is included in every loan we offer.

How do I know if I’m overpaying for my mortgage?

The best way is to fill out our loan application. A lot of information is necessary to determine an individual’s interest rate. Mortgage calculators build in too many assumptions to be accurate. You can find our no commitment loan application here.

Are your rates competitive?

Yes. Our loan officers are salaried instead of commissioned which lets us to pass savings on to you.