How am I able to offer next day approval? The quick answer is that I work with you and on your behalf before you place an offer. I work with you to smooth out any of the potential bumps in the financing road. The more detailed answer follows below.
What I do
As a mortgage agent, I have access to over 52 different lenders. This means that we can co-construct a mortgage that meets your exact needs and circumstances. When your realtor refers you to me, I start working on your behalf right away. In order to get started, you will need to:
- Fill in an online application.
- Authorize me to do a credit check (pdf)
- Send me documentation of your income (such as T1’s, pay stubs or a Notice of Assessment).
With that information in hand, I’ll be able to let you know how much of a mortgage you can afford. I may ask you for additional documentation of your employment income or the source of your down payment. I might offer some advice about alternative ways to structure your current debts.
Next, with all of this information in hand, I will reach out to one of the underwriters from one of the 52 different lenders I work with. These underwriters are commission-based, and like me work 24/7. At this point, I will be able to let you know that your eligibility for a mortgage has been pre-approved.
I’ll also ask you to send me links to the mls listings for the properties that you are considering. This helps ensure that the properties you are considering, match the lender’s criteria.
All of this means that when you make an offer on your dream property, you can be confident the approval for the financing ready to go. Because I’ve done work for you ahead of time, approval is fast.
What the banks do
If you seek out a loan at a bank, they might initially just look at your income, quote you a rate, and give give you a ballpark figure for a maximum mortgage. This is makes you pre-qualified. If the bank does not take the time to look at your credit report, this can lead to problems when you make an offer. If you are dealing with a bank, please be sure to ask your bank for a certificate of pre-approval.
Unlike me, the banks have access to a limited number of products. Banks are conservative institutions. They like good credit and salaried employees. Life happens and not everyone fits in this category. The lenders I work with have common sense lending criteria. If you can demonstrate why the lender should approve your mortgage, it is likely they will. This is not generally the case with the banks.
Banks and bank employees usually only work weekdays from 9 to 5. In contrast, the underwriters I work with and I are available any time of day including weekends to ensure approval.
Banks do not look at the properties you are considering. When you make an offer on a property, you need to wait up to 10 nail-biting business days to find out if the bank will or will not reject your mortgage application.
Get me working for your next day approval
I am only a phone call away. Call me at 249-353-3278 or toll free 1-877-333-4983 x734.