The Colorado real estate market is and more competitive than ever!
Pre-qualifications have become worthless and pre-approvals less valuable.
More and more online lenders have entered the business offering “Pre-Approvals” within minutes but real estate professionals continue to contact us frustrated when those “pre-approvals” don’t stand up to the weight of a real transaction causing last minute problems or even closing delays.
Sure, getting pre-approved in minutes sounds good but when the term “pre-approved” no longer means anything we need another solution.
While most mortgage lenders offer pre-approvals The Wynn Team at Citywide Home Loans is unique by continuing to push the industry to a higher standard. We believe in a thorough qualification process that results in a smoother, more enjoyable and less stressful home buying and mortgage process.
CERTIFIED ROCK SOLID Pre-Approval
The Wynn Team at Citywide Home Loan’s Certified Rock Solid Pre-Approval has been through the full qualification process of the Rock Solid Pre-Approval below but has the additional qualification step of being reviewed and certified by our in-house underwriter.
With a Certified Rock Solid Pre-Approval you can close quicker and with 100% confidence!
Home buyers interested in the Certified Rock Solid Pre-Approval provide all the documents required to obtain a Rock Solid pre-approval with a few additional disclosures authorizing The Wynn Team at Citywide Home Loans to complete some of the verifications normally done after a home is identified and a contract signed. We will complete the necessary verifications up front and then submit your loan file to our underwriter for review and credit & income approval.
ROCK SOLID Pre-Approval
The Wynn Team at Citywide Home Loan’s Rock Solid Pre-Approval stands above the typical mortgage lender’s “pre-approval”. When you work with The Wynn Team at Citywide Home Loans you don’t even have to request this as it is our normal practice to issue Rock Solid Pre-Approvals.
Having a Rock Solid Pre-Approval gives you 100% confidence that you are qualified and are able to close!
Once all of your documents required to verify the information provided to cmplete the loan application are received we complete a 62-point checklist. This checklist has been developed over 15 years and thousands of loans to ensure we have thought through everything that could jeopardize your pre-approval so you can shop for your home knowing you can buy.
The term “pre-approval” can not be defined in today’s day and age of mortgage lending. Some mortgage lenders offer a “pre-approval” when most would consider it just a “pre-qualification”.
Pre-approvals can be dangerous by giving you a false sense of security when problems and delays may still occur!
Generally, being pre-approved means you have completed a loan application, credit check and all required documents to verify the information on the loan application. The level to which the documentation is reviewed, confirmed meets mortgage lending requirements and assures your ability to actually obtain a mortgage is unknown.
Getting pre-qualified sounds good, right? You are qualified to obtain a mortgage and buy a home…hopefully.
DO NOT SETTLE for a pre-qualification as there are too many variables in qualifying that a pre-qualification can not properly assess!
Getting pre-qualified can normally occur within minutes after a conversation and (sometimes) a credit check. The problem with getting pre-qualified is that your income may be calculated differently by the lender. Your job history may not meet the minimum requirements. The assets you plan to use for down payment may not be acceptable to the underwriter. The list goes on and on.