In today’s highly competitive Real Estate market a Buyer must be Pre-Approved or have all cash to close. Buying a home can feel like an insurmountable task. Let us help simplify the process! We’ll assess your credit at no cost and help you form a game plan. In addition to a credit assessment, we will prepare you with a Bay Mountain True Pre-Approval© to help strengthen your offer to assure acceptance. A Bay Mountain True Pre-Approval© means that your credit package will be reviewed and underwritten by the lender, who will issue a lending commitment.
Some lenders offer loan pre-qualifications and some offer pre-appovals. Here’s the difference:
Most mortgage companies and banks will only provide you a lesser pre-qualification letter. Pre-qualification letters have not had your credit package reviewed or underwritten in advance.
|√ ||Provides a "ballpark" estimate of your buying power based on a cursory look at your credit package (income, credit and assets). |
|√||Is based on summary verbal information provided on your income and assets|
|√||Requires satisfactory review of credit package, property, financial documents and program requirements to issue final approval and lending commitment. |
|√||Is offered by most lenders |
Most REALTORS and Sellers will not accept this as viable financing with a purchase offer.
True Home Loan Pre-Approval
|√ ||Credit Package documentation reviewed and approved by a Underwriter who issues a Bay Mountain True Pre-Approval© |
|√||Provides proof to real estate agents and sellers that you're pre-approved for a specific loan amount and purchase price|
|√||Is based on verified documentation of your credit package (income, credit and assets).|
|√||Requires a satisfactory appraisal and title review and no change in financial condition for final approval and lending commitment.|
|√||Is offered by Bay Mountain at no cost as a service to prepare you to find a home|