Here is something better than a home loan pre-qual or loan pre-approval.
Here is something better than a loan pre-qual or loan pre-approval.
So, what do we have that's better than a loan pre-qual or a loan pre-approval with Brian Skaar team at VanDyk Mortgage?
Well, we offer fully underwritten approval prior to you shopping for a home.
How can we do that?
Well, we're putting our money where our mouth is because we're paying an underwriter to review your loan file and issue an approval prior to you finding a property.
There are several advantages to this and let's go through those.
In underwriting we underwrite five areas: Credit, Income, Assets, Property and Title Work.
Okay, the property and title work can come later, but we can review your credit, income, and assets prior to you identifying a property or entering into escrow or entering into a purchase contract. The terminology means same thing, it just varies by state.
We will get you pre-underwritten so you're underwritten and approved prior to putting in offers on homes.
Why is this beneficial?
For one, so you've done some of the heavy lifting before going out and making offers on homes.
Number two, you know exactly what you qualify for.
Number three, you know that any red flags have already been handled and these upfront underwritten files are very beneficial for those that have experienced some type of a setback or hardships, such as a bankruptcy, foreclosure or short sale, because it greatly improves your chances of getting closed.
Another thing it can do it can put your offer at the front of the line.
Sometimes the real estate markets can get kind of crazy with multiple offer situations and bidding wars.
Currently we seem to be past that for the moment, but these things can change with the economy.
What we do is we put together a letter that tells the listing agent and the seller that you're not just pre-qualed or pre-approved but you're fully underwritten approved on credit, income and assets.
With this process, we can actually do a quicker closing because we've done a lot of the heavy lifting on our end, and all we need to do is an appraisal and finalize the details.
You still need to do your due diligence on the inspection of the property, and we need to get the proper title work and then we can proceed to closing.
And these closing times will vary by state because appraisals vary in different markets quite a bit.
Title work also varies in different markets.
Some places are two days and in some places it takes three to four weeks to get title work back.
It varies greatly by market. But the fully underwritten approval prior to shopping for a home is a game changer that can help you get into contract on the home of your dreams, or the next home in your journey, with confidence.
We call this the Fast Forward Approval. We offer this for VA, FHA, Fannie and Freddie Conventional loans, down payment assistance loans, and more. Give us a call to get started.