Get Fully Approved for your Home Purchase upfront.
Much has been said about how meaningless pre approvals are in the mortgage business. That sellers have no reason to much stock or trust in a buyer’s pre approval letter as lenders do not fully approve a buyer prior to issuing the letters. They are known for merely having a loan originator looking at credit an income documents prior to issuing a pre approval. Then having an underwriter, or decision maker review the file only after the buyer has submitted a full file including a purchase agreement.
At VanDyk Mortgage we recognize the problems this can cause when a buyer is unable to close because a lender did not do a good job of reviewing their ability to obtain a home loan.
In today’s lending environment there are many issues that can derail a loan approval besides credit score and income. For example every borrower must have their income verified by both their employer(s) as well as the IRS. It is not uncommon for borrower’s to have their calculated income reduced upon review of their tax returns by an underwriter. Our purpose here is not to list each item that may derail a mortgage approval even after the borrower has been pre approved but rather to highlight the fact that such problems can and too often do occur.
When these types of issues do happen they can cause significant issues for the parties involved. Buyer’s and sellers alike begin making plans and commitments based on their expectation of being able to close on the sale. Home buyers spend money on inspections, appraisals, moving trucks as well as other expenses in anticipation of their move. They also often give notice to their landlords who begin looking for and often find replacement tenants, which can leave them without a place to live and essentially homeless. Sellers often make a commitment to purchase another home and become buyers themselves. The costs to both buyers and sellers can easily run into the thousands of dollars if a planned closing does not occur.
It is these types of problems that VanDyk Mortgage is committed to avoiding for our clients and referral partners and why we have developed the Fast Forward Loan Approval Option. With the Fast Forward Home buyers can have their file fully processed AND reviewed and approved by a mortgage underwriter BEFORE they begin shopping for their new home.
Now home buyers can shop with confidence KNOWING that their loan has been approved and that no surprises regarding their credit worthiness will appear later in the process. Additional benefits to home buyers is that sellers that have been made aware their offer is accompanied by an underwriting decision instead a mere pre approval may favor their offer over other offers, and once their file is approved and they sign a purchase agreement they will be able to close MUCH more quickly as most of the heavy lifting has been done beforehand. Now only the property needs to underwritten by way of the appraisal and the title report.
Of course for those buyers that need a standard pre-approval quickly, we can accommodate them as well, and then transition into the Fast Forward process.
Give us a call today at 866.435.6553 to begin the process so you too can FAST FORWARD to closing once you find your dream home.