Lets be honest.................
a pre approval means NOTHING. Anyone can make it up and the loan can be killed own the road when all docs are reviwed.
Thats not the way i personally operate.
If you get a pre approval from me you can take that to the bank.....LITERALLY!!!!!!
When i meet with a client not only do i run credit but i review income and assets.
I start shopping loan around an figure out DTI and already know where its going before contract is signed. I even discuss it w AE of the lender and tell them to expect it.
My pre approval may as well be the actual approval.
When disclosures and the app are signed i collect all income docs and assets and have a complete file ready to be sent out.
I am at least 2 weeks ahead of everyone else involved in the transaction.
When i send in docs, pending no title issues, we can close in 2 weeks. QUOTE ME ON THAT. Once i get the contract appraisal is ordered and i will have that back in less than 1 week.
Like i said most people will give pre approvals to get the client in and then they will get declined later on because the broker/banker did not really look at the transaction. Just said "oh you have good credit, no problem. Here is your pre approval"
Clients are disapointed, realtors are mad.
If i issue a pre to you or your client.....its as good as gold
DOMINICK GACCINO
First Suffolk Mortgage Corp
914-391-2388
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