Can you think of any good reasons to work with buyers who have not been Pre-Approved?
Neither can we, but twenty some years later, we are still preaching the value of the Loan Pre-Approval Process. We are not talking about a Pre-Qual that a loan officer types up on letterhead.
A real Loan Pre-Approval is when a loan application and all “Credit” documents (income documents like paystubs, W2s and tax returns, bank statements and a tri-merged credit report) are submitted to the underwriting department for an approval. This is a loan approval request subject to the appraisal, purchase contract and prelimainary title report. All other documents should be submitted reviewed and signed off by the underwriter.
When a Pre-Approval is done this way, you know exactly how much a borrower will qualify for and the only items the lender wil be reviiewing are collateral based (non borrower) so the chance of the loan closing and closing on time are extremely high.
All of the buyers we work with are Pre-Approved.
If you have buyers you are working with, call us and let’s get them Pre-Approved!
It will only take a few days.
For immediate help, call Brian at 800-607-1941 x220
or email: bbush@slglends.com
