Two weeks ago: Saving for 10 percent down, not 20.

One week ago: Putting paperwork out to pasture.

This week: How to compete in a hot real estate market.

SF_Mortgage3.jpg

GRIPE #3: You can't do anything in the Bay Area without $1,000,000.

THE TRUTH: You can compete with all-cash offers from wealthy SF home buyers without making an all-cash offer yourself.

It's no secret that real estate here is insane. It's the sort of place where there’s a perfect storm of high demand from both local and international buyers, and low housing inventory. Perfect homes are rare, and if you find one, you better get it right or the moment you turn around it's off the market. This is all pretty harrowing when you're on rung two or three of that career ladder, just getting married, or thinking about a dog—not a baby, just a dog for now, thank you very much.

FINE, SO WHAT'S THE ANSWER? Go with a mortgage lender that can give you an edge in this hot market.

Surprise! Not every lender is the same, and your lender can play a big role in helping you get the place you want. Here are 3 things that can make or break getting that dream home:

1. Your Offer Price
Money talks. You’re not even in the game if your offer isn’t competitive on price. If you’re worried about how much house you can buy, there’s good news. With SoFi’s flexible debt-to-income limits and low down-payment options, you may qualify for more financing than what traditional lenders can offer.

2. How Fast You Can Close
Speed matters. One of the reasons that home sellers like all-cash offers is because the entire transaction can wrap up quickly and they can get their money in as little as 10 days. In contrast, it can take 30 days or more to close a home if you finance the purchase with a mortgage. But there are lenders out there that can close quickly too. Make sure you know how fast your lender can close so you put your first best foot forward right from the start.

3. Whether You Have Financing Contingencies
You might not know what a financing contingency is yet, but you can bet that home sellers do. The super-simplified version: If you’re a home buyer taking out a mortgage, financing contingencies let you off the hook in case you have trouble securing a loan after you’re in contract. Obviously, home sellers prefer offers without financing contingencies (like those from all-cash buyers). Since lenders like SoFi underwrite loans at the pre-approval stage, home shoppers can choose to make an offer without financing contingencies to be more competitive.

So, think you're ready to buy? Having a place to call your own in a treacherous market like this really is attainable. We don't bank, watch TV or order food like our parents, so why buy a house like they did?

SoFi can help you better compete in a hot market. Find your rates in only two minutes on SoFi.com.

Stay tuned next week for another common anxiety about home buying and tips for subverting a murky industry with affordable rates, way less paperwork, and—who knew!—transparency.

This post is a sponsored collaboration between SoFi and Gothamist staff.

SoFi Lending Corp. NMLS # 1121636. Terms and conditions apply. View SoFi mortgage eligibility and licensing details here.