You've decided to buy a home. So what's the next step? Before you jump in the car to tour homes, getting your home loan approval now can help you decide what the right price point is for you. It can also help you decide what type of home you'll prefer, and what you're monthly payments are going to be.
But the best reason for getting your home loan approval now is the strength it gives you as a buyer, over other buyers you will be competing against for the more desirable and well-priced homes.
But what kind of loan is best for you? Only you, along with the guidance of your experienced and trusted lender, can decide that. But below we list just a few options that may work for you:
But other buyers can get their loan approval now too. So how do you set yourself apart from other buyers? Welcome to the Protect Your Transaction (PYT) Program!
So what EXACTLY is the PYT Program?
Protect Your Transaction is a quality assurance program adopted by qualified and licensed mortgage lenders. It provides all parties involved in a real estate transaction with a financial performance guarantee to ensure the lender
completes the financing terms and obligations, and closes the deal!
This is fantastic for buyers because once they are underwritten by the lender, they are "assured" the lender will fund and complete the transaction. If they fail to fund and complete the transaction, they will pay the assigned party $10,000!
But this is also great news for the seller because the $10,000 Assurance can be assigned to the seller as well! For example, you are interested in buying John Doe's home. But other buyers are extremely interested as well. You can use the PYT program and assign the $10,000 Assurance to the seller! Basically, you just told the seller "If my lender fails to perform and cannot fund my loan, you will get $10,000! That'll set you apart and make you a stronger buyer!