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Pre-Approved? Think Again. 5.13.2014


Pre-Approved?  Think Again.

Has this ever happened to you?  A lender sends you a Pre-Approval, you write a contract, and then the lender starts to back pedal.  That’s because a Pre-Approval is simply a non-verified, cursory look at your buyer’s financial picture.  Here’s a brief look at the stages of lender review and approval.

 

PRE-APPROVED   At this stage the lender has taken a full loan application, pulled a credit report and run the application/credit through an automated underwriting system in search of acceptable automated findings.  None of the borrower’s application specifics have been verified.

PRE-QUALIFIED   At this stage the lender has received documentation from the borrower regarding their income, assets and housing history.  The lender should be reviewing this documentation fully to identify any discrepancies from the information provided by the borrower on the loan application. There has not yet been a full underwriting of the loan information.

LOAN COMMITMENT   At this stage the lender has received an underwriter’s review of the documentation provided from the borrower and compared it to the automated approval and has confirmed its accuracy and that the loan will qualify.  At this step there will be underwriting conditions.  At this stage the property has not been underwritten, title and appraisal are still pending.

Mortgage Options, Inc is proud to present COMMITMENT FIRST™

Mortgage Options, Inc. Commitment First™ offers a one-of-a-kind, upfront approval program for home buyers, that you won’t find anywhere else! It’s available on nearly all our purchase-based mortgages – whether it’s the 30 year fixed, FHA, VA or USDA.

With a Mortgage Options, Inc. Commitment First™, the mortgage part of the home buying process comes first! Instead of issuing a preapproval letter, we’ll keep the ball rolling by verifying assets, income, bank statements and credit. And before you know it, we’ll have your buyer fully underwritten– before you’ve even made an offer to purchase a home.

With the majority of the financing completed up front, the only step left is finding the right house – and having this exclusive approval helps you do it confidently.

6140 St Andrews Road Columbia, South Carolina 29212

(803) 732-5787  www.SCMortgageOptions.com

Mortgage Options, Inc. NMLS 803458 is a licensed mortgage broker regulated by South Carolina Department of Consumer Affairs.