No matter what type of lending you’re trying to get, it all boils down to credit (score and what’s on your report) and finances (cash and collateral) to determining if you will be approved or not. Sounds fairly straightforward doesn’t it? Unfortunately, it’s not. There are so many factors that go into deciding whether or not you can get approved for capital and credit, it makes each case different and is why you might get a “YES” from one lender and a “NO” from another lender. Makes it seem hopeless or, at the very least, exasperating and frustrating and, most of all, time consuming.

This is especially true when it comes to re-fi or home loan approvals. The fact is that anyone with A+ credit and no derogatory or negative items on their credit report who has plenty of savings along with a long-term, steady job of W-2 income and little to no debt can quickly be approved for a loan because they meet the lender’s credit and financial criteria for approval. If this is you, then you may not need us.

However, for most home loan borrowers, this is not the case. Either they don’t have the right scores or they have negative and derogatory items on their credit report or they don’t have the perfect financial picture for instant approval. When this happens, the next step is to try and get a Pre-Approval Letter which means letting multiple lenders pull their credit to determine based on their income and credit if they might be a candidate to receive a loan from one of those lenders. It’s possible one of these lenders will give you a Pre-Approval Letter but that doesn’t mean you will get the loan. It just means based on what you told them and an initial review of your credit, they will consider moving forward with you as a possible borrower. Anyone who has been through this process including real estate agents knows that a high percentage of those Pre-Approved borrowers will ultimately not get their loan.

At Make Home Buying Simple we understand why this happens and how to avoid it. By skipping the beat up your credit Pre-Approval step in hopes you can get a loan, we work the process with you first so you can go straight to receiving your Lender Approval Letter.

With our 3 Steps, we guide, educate and work with you using all of our resources to ensure you get a Lender Approval Letter which means a lender will give you your loan once you have a Purchase Contract. We even make sure you know the DOs & DON’Ts from the time you receive your Lender Approval Letter until you close your loan so you don’t have any hiccups in getting the keys to your new house.

We take out the guesswork and the unknowns and make it simple so all you hear is “YES”! Here’s how:

Step 1. Your Initial Consultation

When you first connect with us, we will start with a NO COST CONSULTATION! This consultation will consist of asking some basic credit and finance criteria questions to determine if, based on your answers, you already meet credit and finance criteria to get approved for your loan. If that is the case, then you will skip Step 2 and move straight to Step 3 where we will connect you with a loan officer who can complete your application, begin gathering your documents and provide you with a LENDERAPPROVAL LETTER to begin shopping for your new home. We will even connect you with a Realtor who knows how to work on your behalf to get you the best deal if you do not already have your own agent.

On the other hand, if your answers indicate there may be one or more issues with your credit criteria or finances meeting lender approval, we will pull, review and analyze your credit with you and go over any issues you may have. When we pull your credit, it will be a soft inquiry so there will be no impact on your score and, because we use typically use Experian.com, we can see true FICO scores including your Experian mortgage score which is just what the lenders would see. This way we can get the best picture possible and with a free trial membership at Experian.com there is no initial cost to you. Now, with the most accurate and up-to-date information, we can determine what, if anything, from your scores and makeup of your credit report could keep you from qualifying for your home loan.

Also, based on your answers to the finance questions and what shows on your credit reports, we can determine if there are any issues that could prevent you from qualifying for your home loan. As part of this consultation, we will know if there are some loans you can qualify for and others you can’t qualify for which means even in some cases you could get approved by one lender for one type of loan while not being approved by another lender which helps you know what will and won’t work for you.

Now with your credit and finance analysis complete, it’s time for STEP 3 to getting you approved.

Step 2. Your Game Plan

In a sense, this is the fun part of you getting approved for your home loan. In your initial consultation we will layout specific steps for you to take that will ensure you will meet credit and finance criteria to get approved for your home loan provided you get no new negative or derogatory information. Since no two borrowers are alike in what is on their credit reports and the score and makeup of the reports is tied to their finances, YOUR GAME PLAN WILL BE SPECIFIC TO YOU! Also, because no two borrowers are the same, there is no way to say how long it will take you to complete your Game Plan. But the fact is, because we know and understand what is needed in minimum scores and the likelihood of what will and won’t make it through the automated underwriting system to get an Approved Eligible for credit so you do meet credit criteria, we KNOW YOUR GAME PLAN WILL GET YOU APPROVED!

Your Game Plan will also talk about the basics of finance criteria as it relates to you and where you stand in getting approved for your home loan. For most people the two biggest issues in terms of getting approved on financial criteria are their income in relation to the debt on their credit reports and/or the amount of money they have available to cover closing their loan. That’s why your Game Plan includes steps to making sure you meet the financial criteria just like the credit criteria so you get a “YES”!

Again, there are so many possible variations from the types of income, to DTIs (Debt-to-Income Ratios),to savings, to types of loans, etc., as well as the credit scores and makeup of the credit reports, it’s impossible to say in advance what will work for you. This is why we provide an initial consultation and create a Game Plan for you at no cost. Here is the best part, once your Game Plan is completed YOU GO TO STEP 3!

Step 3. Lender Approval Letter

Because you now know you meet credit and finance criteria to be GUARANTEED* you will be approved for a home loan; we refer you to a loan officer who will get you your PRE-APPROVAL LETTER followed by an APPROVAL LETTER once you have a Purchase Contract on a home.

The loan officer will start by completing an application called a Uniform Residential Loan Application also referred to as a 1003. As this is completed, the loan officer will pull your credit and, based on your credit and finance documents determine what amount you can qualify for based on the type of loan you are getting. Don’t worry, your loan officer will go over these options with you so you can know what is best for you as you start shopping for your home often having your PRE-APPROVAL LETTER that day.

It's important to understand that in this Step you have the right to work with any lender you want. However, because we know which Lenders/Brokers can get approvals for home loans that other lenders don’t or won’t approve; we only GUARANTEE* approvals within our network of lenders and brokers. We also have Realtors we know who are excellent in working with home buyers. So, if you want us to refer you to a Realtor, we can do that too and there is no cost for us providing you with a Realtor referral.

 

YES! With the Make Home Buying Simple 3 Step Process, it is that easy, hassle and stress free for you!