As of June 25, 2018, we’ve made some changes to the way our mortgage approvals work. You can read more about our Power Buyer ProcessTM.
It’s often been said that there’s a natural order to things in life. You know, how dessert never comes before dinner; how the finale follows the opening act and main event… or how the mortgage is always the last step in the home buying process.
But at Quicken Loans, we like to throw the old rulebook out the window from time to time – and we find that by doing things differently, we can make the experience of buying a home even better for our clients. So we say, go ahead – take a different route to the finish line! And with our brand new approach to home buying called Mortgage First, you can do just that.
Now, let’s cover some questions you may have about this special program. We think you’ll see why straying from the norm may give you just the edge you need as a buyer in today’s competitive real estate market!
How Does Mortgage First Work?
Mortgage First is a one-of-a-kind, upfront approval program for home buyers, and you won’t find it anywhere else! Mortgage First isn’t the same as a rate lock or a preapproval. And it’s not a type of loan, but an option that’s available on nearly all our purchase-based mortgages – whether it’s the popular 30-year fixed, the FHA or even our very own YOURgage.
You see, with Mortgage First, the name really says it all: the mortgage part of the home buying process comes first! Instead of issuing a preapproval letter (which allows a buyer to begin shopping for a home with an estimated, but not yet fully approved, price range in mind), we’ll keep things rolling by verifying your assets, income, bank statements and credit. And before you know it, we’ll have you fully underwritten– before you’ve even started shopping for a home.
Now that the majority of the financing is completed up front, the only step left is finding the right house for you – and having this exclusive approval helps you do it confidently.
How Can Mortgage First Benefit Me?
Whether you’re an experienced home buyer or a first-timer, Mortgage First gives you more than just leverage in the eyes of a seller – in fact, it’s quite possibly the next best thing to paying cash-in-hand! With the advantage of being fully underwritten up front, you can position yourself as a strong, serious buyer in a today’s real estate market, too. You’ll be one step ahead of the competition, and with Mortgage First, you’d better believe they’ll know you really mean business.
Once you’ve found the perfect place to call home, you can make an offer with confidence. After all, there’s already a mortgage with your name on it! Then, pending property qualification, it’s time to get the keys and lay out the welcome mat. You’re done!
What Does It Mean to Be Fully Underwritten?
Think of underwriting as the “crossing the Ts and dotting the Is” part of the home-buying process. When you’re fully underwritten with Mortgage First, we’ll have confirmed and verified everything you’ve provided us – including your income, assets, debt and other information depending on your loan type – and we’ll be ready to close your loan, pending property qualification.
What Does “Pending Property Qualification” Mean?
There are a few things we can’t complete until you find a home, and that includes the appraisal – an assessment of the property that’s required for all mortgages. Although most of the nitty-gritty financing stuff is taken care of up front with Mortgage First, this is one of the few things you’ll have to take care of after you find a home. You may also have some additional requirements depending on your loan type, like a pest inspection. Once you’ve got these steps out of the way, your property will be qualified, and your loan ready to close.
What Can Impact My Mortgage First Approval?
As you may know, a mortgage can be affected many factors – including other new loans or lines of credit, and recent, large transactions or purchases. But with Mortgage First, we’ll determine if those factors may impact your approval up front – allowing you to shop for a home with confidence.
What If It Takes Me a While to Find a Home? Can My Mortgage First Approval Expire?
Unfortunately, your Mortgage First approval doesn’t last forever – just three months. If you haven’t found a home within 90 days of the date we first checked your credit, we’ll need to reapprove you. But don’t fret: one of our Home Loan Experts will be working with you throughout your home search, and they’ll always keep you posted on your status.
How Long Does It Take to Get a Mortgage First Approval?
Just as we’re different than other mortgage lenders, we realize your unique situation may not be the same as another clients – making it tough to put an exact timeframe on getting your Mortgage First approval. But rest assured, we’ll work fast – never carelessly – to verify your information and complete the underwriting process. We’re just as excited about seeing you get the keys to your new place as you are – we promise!
And there you have it! Mortgage First approval is a great ally to have in your corner, and we believe it can truly benefit you – no matter your lifestyle, financial needs, or familiarity with the home buying process. If you’re looking for a fuss-free, straightforward experience without the surprises, we’re confident that Mortgage First can help make finding and financing a property easier than ever. And since we’re pretty sure everyone is looking for that fuss-free, straightforward experience without the surprises, choosing Mortgage First is a no brainer!
So, what are you waiting for? Throw your rulebook out the window and talk to one of our Home Loan Experts who can help you get started with Mortgage First today!
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