What is Pre-Underwriting?
Do you want to submit the strongest offer without paying a premium on the sales price? With one of our lending partners, we offer Pre-Underwriting Approvals. Pre-Underwriting means you're either approved or denied for a mortgage loan even before you put in an offer on a house. That way, your offer becomes stronger when competing against other offers, you can settle in a matter of days not weeks, and most of all, you're stress-free. The best part about Pre-Underwriting is that it's 100% no cost or obligation to you and you don't pay a premium for this option.
*Some restrictions apply. Pre-Underwriting is exclusive to a specific lender on specific products and does not apply to all products offered by Providence Mortgage. Ask for more details.
Top 5 Reasons to Get Approved before Submitting an Offer
1. Don't risk your deposit. This could be thousands of dollars you are putting on the line where sellers are reluctant to return to you if you can't go to closing.
2. Don't waste out of pocket costs. If your loan doesn't get approved, you've most likely already paid $600 for inspection and $600 for appraisal. That's $1,200 you will never see again.
3. Submit a stronger offer. In a highly competitive seller's market, going in with a 100% approved buyer will definitely stand out. Especially if you submit an offer with no financing contingency.
4. Close in 7-10 days. Sellers find this very appealing if they are sure you will close in such a short amount of time, hence giving you a leg up on the competition.
5. There is no obligation, fees, or premium up-charge for this feature. Just because we spend our time underwriting doesn't mean we will charge you if things don't work out.