What?, "Slow is fast?" When it comes to Pre-Approvals for home loans, its true. Every day we get calls from realtors who need a pre-approval right now, so they can start showing houses. Its all about what the client wants, right?
Well, not really. It should be about what the client really needs. What they need to know is how much house they can actually get approved for, which is much more involved than a quick 36% or 41% times their stated income. Anyone can quickly ask a few questions and crank out a pre-approval letter for a home loan that is not worth the paper its written on. These are really Pre-Qualification Letters mis-represented as Pre-Approvals.
What we do at First Priority, Raleigh is different than what you get from most lenders and brokers. What we don't do is throw out immediate answers with low rates that you client may not actually be qualified to get. We don't issue quick pre-Approvals that may not withstand the entire lending process.
What we do for you and your clients is execute a process of qualification and education that prepares your client to get approved for a home loan and get closed without any last minute hitches. Simply put, we do the work up front, to get all the information we need to issue a solid Pre-Approval, review with an actual underwriter any gray areas, and quote them rates and closing costs that are realistic and competitive.
- We ask them to fill out a full application up front, and collect most critcal documents, so we can acurately quote real rates and costs.
- We use Session Share, to show them multiple rate and cost scenarios, so they can understand and make the best choice for them
- We pre-underwrite, by running Fannie Mae Desktop Originator/Desktop Underwriter, and then follow up with underwriting on any issues that could hinder closing
- We use Rate Alert to continuously monitors rates, so they can lock the best rate at an advantagous time
- We educate them on how to shop for the best rates and costs, so they wont be fooled by people throwing out low-ball rates, without explaining or including associated price adjustments, and where those costs hit your clients pocketbook.
How does this help you and your client?
- We avoid spending their money on appraisals and inspections for loans that wont close
- We wont let you waste their time, and your time pursuing homes that cost more than what they can truly qualify for.
- We identify up front things they may need to do to close painlessly, such as gathering all required documents, clean up credit glitches, explain non-payroll deposits,
- They get the truth on rates and costs, not bait and switch rates, or "zero cost" loans, where the high costs are hidden.
- You get to closing more quickly, with less last minute headaches
- You avoid wasting time with clients that appear qualified, but arent actually financially ready to buy
- Because they are educated, they are confident that they got a great deal and great service, and spread the word about how our team performed.