Certified Homebuyer Pre-Approval
There are vast differences between the types of approvals that are provided by various lenders across the country. Frequently, clients are led to believe that they are approved when nothing could be further from the truth. There are three distinct levels of approval that we have outlined below and it is critically important that you understand the differences so that you have the best chance for success in getting your offer accepted and closing on the home of your dreams.
At this stage, you provide a loan application. The mortgage lender gives its opinion on how much you can borrow based on the verbal information you have provided. It is an informal analysis of their income, assets, and debts. Credit may or may not be pulled. There is no actual verification of the information provided. A pre-qualification letter is not worth the paper it is written on because it lacks any teeth.
This is a much stronger endorsement of the prospects ability to obtain financing. It is typically completed in the following manner:
Loan Application Is completed and credit Is pulled and verified. The borrower may or may not provide copies of income, assets, and debt documentation. The file is then uploaded electronically through an automated approval system which renders an instant approval. These systems are offered by the quasi-governmental agencies Fannie Mae or Freddie Mac, or a number of the larger national lenders have their own proprietary systems. The strength of disapproval will depend on whether the file was reviewed by a loan officer or an underwriter.
Certified HomeBuyer Guaranteed Pre-Approval
This is the strongest approval in the industry. The difference between this and a pre-approval is that the borrower’s income, assets, and debts are verified with a deep dive by an underwriter. Ideally, the file is pre-underwritten upfront before you even start your home search. The following items will be validated:
- Satisfactory credit report obtained and approved
- Sufficient Income Documented to Qualify
- All Closing Funds Verified
- Whether The Present Home Needs To Be Sold
- No Other Known Credit Issues Exist To Prevent Closing
Think of our Certified Preapproval as a regular preapproval on steroids. Learn more about this fantastic program and all the benefits including our $5000 guarantee below.
In today’s lending environment, getting pre-qualified just isn’t enough and basic pre-approvals come with no guarantees. Before you even contact a real estate agent, you should strongly consider getting pre-approved with a Certified HomeBuyer designation, which is only offered by The Family Mortgage Team at Leader One Financial.
Our Certified HomeBuyer Pre-Approval Letter is the strongest in the industry. We verify all of your income, assets, credit, etc., upfront, making your new Mortgage GUARANTEED. No more deals falling through and no more frustration on trying to get your offers accepted. At Family Mortgage, we’re so confident of our Certified Pre-Approval, that if yours doesn’t hold up, we’ll pay the seller $5,000. That will get a seller’s attention.
With a Pre-Approval from The Family Mortgage Team, you can rest assured you’re capable of closing on the loan quickly and efficiently. You will not be wasting your time looking for a house you can’t qualify for. Times have changed and even if you are strong financially, it pays to know everything is OK on the front end. We can also ensure that your application will be fast, customized, and at no additional cost to you.
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Contact Us or Complete an Application To Receive Your Free Certified Mortgage Pre-Approval Today!