Homebuyers who want to close in April should get loan approved now

John Wheaton, vice president of lending for Guaranteed Rate in Costa Mesa, Calif., says homebuyers who are hoping to close on a purchase this spring should obtain a fully underwritten loan approval, not just a preapproval, and they should get the 10-day process started now.

In a Google Hangout session hosted by brokerage Redfin, Wheaton said a fully underwritten approval can put homebuyers in a more competitive situation, particularly in multiple-offer scenarios. Source: blog.redfin.com.