Amazing New Way To Get Approved For A Home
Loan Before You Make An Offer!
|
Yes,
you can get approved for a home loan, even before you make
an offer to buy!
This report will show you exactly how to get a lender’s
Pre-Approval in writing that guarantees you qualify for a
specific loan amount - even before you begin home shopping!
Once you have this “Approval Certificate” you can
shop for your dream home in total confidence, because you’ll
know you’ve already been Pre-Approved for a loan.
I firmly believe this report will save home buyers countless
hours of stress in wondering “if they qualify” for a loan or
not.
This exciting new approach is incredible, and you too can
benefit from it! Now you can lay to rest the concern you
have about qualifying for a home loan - And it’s nothing
you’ve seen before!
Right now, I want to tell you ALL about this tool - and help
you COMPLETELY UNDERSTAND how it works...
So let’s begin at the beginning... The Home Buying
Process
To help you understand this amazing new tool, I must start
by giving you an example of the steps involved in buying a
home, and applying for a home loan using the TRADITIONAL
APPROACH.
For this example, we’ll say you currently own a home, but
would like to move up to a larger home in a different
community.
HERE’S THE PROCESS YOU ARE LIKELY TO GO THROUGH:
(1) locate the home of your dreams, and
(2) ultimately purchase it!
First, You’ll most likely spend weeks looking through dozens
of newspapers and magazines until you find a neighborhood
that appeals to you.
Second, You’ll eventually drive around those neighborhoods
that look interesting, just to get the feel for what they’re
really like.
Third, You’ll soon begin to go to open houses to get an
inside look at the homes in those neighborhoods you’re
interested in.
Fourth, Eventually you’ll begin working with a Realtor to
find out about other homes that are available in this area,
and in the price range you “think” you want to be in.
Fifth, Finally after countless hours of searching, going to
open houses, calling on ads, driving around different
neighborhoods, finding out about the areas, the amenities,
the school districts, the shopping facilities, you’ll
eventually find a home that you fall in love with, and
decide to buy.
This Is Exactly What Most Home-Buyers Go Through To Find The
Home Of Their Dreams!
Back to our example...
Once you find that perfect home, the next step is to draft
an offer to purchase, and submit it to the seller.
This is where the expertise of your Realtor come in. A
professional Realtor should know exactly how to draft the
offer you’re willing to make, and know what clauses to
include in the purchase contract that will protect your
interests and your deposit!
Once your offer has been submitted to the seller, you simply
wait for an answer.
Now listen closely.
This is the most exciting (and also most stressful) part of
your entire home-buying process. You know that the only
things that stand between you and your dream home are:
(1) The seller’s acceptance of your offer, and
(2) Your qualifying for the loan.
All you have to do is get the seller to accept your offer,
and get approved for the home loan -- and this dream home is
as good as yours. - It’s that simple! (There are several
other critical elements involved in every transaction, that
I highly recommend you consult with your Realtor about.)
Now, by this time, your Realtor has instructed you to
contact a lender to begin the loan application process. So,
by now, you’ve met with a Loan Officer and completed a loan
application.
What is involved in the loan application process... you ask?
In the next section, I will show you the exact sequence of
events that takes place when you apply for a loan, and what
lenders look for in a borrower.
On to the “Traditional” Loan Application Process...
Remember, up to this point, you’ve only had a cursory
pre-qualification from your Realtor, and your entire
transaction hinges on your being formally approved for the
loan!
If you can’t get this loan, you can’t buy the home...
period!
So lets take a look at the steps you will likely go through
for a mortgage loan:
Step 1, Initially you’ll meet with a Loan Officer who
will have you complete a Residential Loan Application. The
lender usually requires an application fee at this time, and
a check to cover the cost of the credit report and the
appraisal.
Step 2, The Loan Officer will then request a series
of documents to support your income, your savings, and your
expenses.
Step 3, The mortgage lender will then begin
processing your application. At this time the lender will
order an appraisal of the home, a copy of your credit
report, and will make written requests to verify your
employment and bank account balances.
Step 4, Within 3 days of completing your application,
the lender will provide you with a Good Faith Estimate of
closing costs and a booklet containing information about the
closing costs you may incur in the transaction.
Step 5, Once the lender receives your credit report,
appraisal, and all the written verification requests, your
loan package will then be forwarded to the underwriting
department. Then they will evaluate your loan package, and
will either approve or deny your loan.
You’re probably saying "This is a lot of work! And there’s
still a chance I may be denied?" Absolutely! (That is... if
you use this traditional approach!)
If you can’t get this loan, you can’t buy the home...
period!
Some of the documentation you’ll be required to bring to
your loan application appointment, are the following:
1. Copies of your W-2’s for the last two years if you’re a
salaried employee, or copies of your federal tax returns
(1040s) if you are self employed.
2. Your most recent one month pay stubs from your employer.
If you’re self-employed, a year-to-date profit and loss
statement, and a current balance sheet.
3. Three months bank statements on all of your bank
accounts. (i.e., checking, savings, investments, etc.)
Account numbers on all of your bank accounts and all of your
debts, including credit cards, auto loans, school loans, and
other outstanding debt.
4. Copies of lease agreements if you own rental property.
5. A copy of your homeowner’s insurance statement (if you
own a home).
6. All of your personal information including: Social
security numbers for you and your spouse, previous
addresses, current job addresses and phone numbers.
I’d like to take a moment to explain to you WHY the lender
needs all this documentation before they can approve you for
a loan.
In the mortgage lending business, there is a rule-of-thumb
called the 4-C’s. What this stands for is credit,
capacity, collateral, and character.
These are traditionally what lenders look for in a borrower
when they are considering loaning money. Let’s go over these
in detail:
Credit: A lender wants to know that you are a good
credit risk by looking at your current credit picture. This
is why they order a credit report at the beginning of the
loan process. Your credit is a “snap-shot” of your past and
present debt, current available credit, and a rating of your
debt repayment history.
Capacity: This is simply a measure of your financial
capacity to have this loan. The way it is measured is by
dividing your gross monthly income by your total outstanding
debts (including the new payment on the home you’re trying
to buy).
Generally, lenders will allow 36% of your monthly income to
be used for your housing expense, and all other current
obligations you have outstanding (including credit cards,
auto loans, student loans, etc.)
Collateral: This is nothing more than the value of
the property you’re about to buy. The lenders need to know
the value of the property you are "pledging" as collateral
for the loan.
Character: Character is a catch-all phrase that is
basically an underwriter’s subjective determination of your
over-all financial picture. Generally they look at your job
stability, your probability of continued employment, and
your ability to save money to determine character.
These are basically what a lender looks for in a borrower
they’re willing to loan money to.
Okay - Let’s digress here for a moment, and summarize what
we’ve accomplished thus far.
First, You’ve spent many hours of your time, money, and
effort to locate the perfect home in the perfect
neighborhood for you and your family to live.
Second, You’ve sat down with a Realtor and drafted an offer
that is within the terms you feel are fair.
Third, You’ve submitted a written offer to the seller and
are awaiting their response.
Fourth, You’ve met with a Loan Officer, filled out a
multitude of paperwork, forms, applications, and brought him
or her documentation to support your income.
Fifth, You’re now awaiting a yes or no answer from the
lender. And after all of this effort, there is still a
chance you won’t get the home of your dreams BECAUSE you’re
loan might be TURNED DOWN!
That’s absolutely right, if... You Use The Traditional
Approach To Getting A Loan.
OKAY, Now Let’s See If We Can Make All Of This A Little More
Exciting...
Imagine for a moment, if when you initially drafted your
offer, you were already approved for the loan - IN
ADVANCE... and you had a Pre-Approval Certificate
that you included with your offer.
That’s right... No Stress, No Worrying about qualifying, No
Concern whatsoever about your ability to qualify standing
between you and the home of your dreams.
That would be interesting, wouldn’t it?
NOW, let’s take it one-step-further, and say that... this
"Pre-Approval Certificate" actually gave the seller a
GUARANTEE that you would qualify for the loan, and
therefore compelled them to respond to your offer
immediately!
If that happened - you would’ve eliminated the two major
obstacles to owning your dream home!
Obstacle #1 - The seller’s acceptance of the offer.
Obstacle #2 - Your approval for the loan. That’s
right - the home would be as good as yours! Your dream of
owning this home would be a reality!
Wouldn’t it be wonderful... to walk away from the table
knowing that there’s a good chance you’ll be moving into the
home of your dreams in less than 30 days?
IMPOSSIBLE, you say? How can someone actually be approved
for a home loan before they even make an offer to buy?
And how can such a Pre-Approval Certificate compel the
seller to give the offer so much credibility?
Let me explain the details of this...Amazing Pre-Approval
Certificate
Listen closely: It’s now possible to get this actual
Pre-Approval Certificate we’re talking about - and it’s an
ABSOLUTE MUST if you’re even remotely interested in buying a
home.
Here’s What It Does For You:
It gives you a WRITTEN APPROVAL from a lender for a
SPECIFIC LOAN AMOUNT so you know exactly what homes
to look for, and what price range you can purchase.
It gives you the PEACE-OF-MIND in knowing that your
being approved WILL NOT be an obstacle in buying your
home.
It gives your offer MAXIMUM CREDIBILITY, and shows
the seller that you’re serious about buying because you’ve
taken the time to get Pre-Approved. (If the sellers received
multiple offers on the home, which one do you think they
would pay more attention to?)
It puts your Realtor at ease because he or she knows for
certain that you qualify to buy, and you’re not just another
“looker.
The New Pre-Approval Process! So what does it take to
get this Pre-Approval Certificate... you ask?
It takes three simple steps to get a written Pre-Approval
Certificate... Here’s what you must do:
A) You need to find a lender who offers this unique
Pre-Approval process.
B) You must then meet with the Loan Officer from that lender
or broker to get pre-qualified.
C) Then, usually within a few days, you will be issued the
written Pre-Approval Certificate!
It’s that simple... As simple as ABC.
Look At All The Steps You’ve Completely Wiped Out!
No need to have specific information on the property.
No need to pay for an appraisal up-front.
No need to nervously wait for weeks to find out if you
qualify!
Just A Simple Meeting, And Within A Matter Of Days - You
Have A Written Loan Approval
So where do you find a lender who offers this unique
Pre-Approval Approach?
YOU’VE JUST FOUND ONE!
Community Mortgage, Call us today! |
|
For more information call Community Mortgage.
 Call Today!
(540) 832-0688
Back to Mortgage Resources |
