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 Need a Pre-Approval Letter?
Call Us We Can Help.
866-752-5322 or 512-326-2186
The Pre-Approval Process has Changed The Federal Reserve enacted laws that can be a bit confusing. One of those laws concerned what is makes up an application and what it takes to become pre-approved.
MYTH: I will no longer be able to get a Pre-approval Letter from a Texas Mortgage Lender.
REALTY: Not True - In the past we issued a Pre-approval Letter after receipt of an application. Since we can’t take an application until Borrower has found a property and is in contract, the Approval process is modified.
What we do now is issue a Credit Only Approval. We'll request from the Borrower;
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A letter (email) requesting we proceed to get a credit only approval for you. This credit only approval will be subject to completion/receipt of the initail application, disclosures, etc.
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Income verification documents and bank statements and,
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Authorization to pull credit.
Once we receive the above items we'll create your Credit Only Approval, and you'll rest assured knowing you'll be in the best position to make an offer on a home. we can discuss and disclose rates and closing cost via our exclusive Loan Comparision Report.
- Becoming Credit Only Approved and signing and returning the inital documents does not constitute a contract nor does it obligate you to complete the financing for which you are applying. It does however, allow for a credit only approval, which simplifies the entire process and puts you in the best position of strength for locking rates.
A credit only approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, we must then review your situation and recalculate your mortgage amount accordingly.
So that we can learn more about your specific situation please contact us. You may either;
Want to know more?
Call Us! 866-752-5322/512-326-2186
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