McLean Mortgage Corporation announced that the company has released a special program to aid homebuyers and realtors in today’s real estate market. McLean Mortgage Corporation recognizes the special needs of prospective homebuyers today in a market characterized by increasingly scarce inventory and competition from cash bidders. The LoanFirst Program allows for a prospective buyer to make application for a pre-approval mortgage loan before they purchase a home. McLean will not merely issue a pre-qualification opinion based upon this application, but actually fully process the credit and income documentation of the borrower so that it can be underwritten by an underwriter and a full pre-approval issued. This pre-approval would be subject to a sales contract on a property, as well as a satisfactory appraisal and title policy – after a property is identified.
“In my experience in the mortgage industry, I have always felt that the average Realtor and homebuyer went about the process backwards by shopping for a home and then applying for a mortgage,” Nathan Burch, president of McLean Mortgage Corporation, said. “Just to satisfy a seller, a realtor will call a loan officer the day before a contract is presented to obtain a pre-qualification letter, which is merely an opinion and does not bind a lender,” Burch added.
“Having a certificate based upon a lender’s underwriting of the credit, gives a prospective home buyer much more weight with the seller in a competitive bidding situation. This could make the difference between getting the house or losing out,” said Dave Hershman, director of Branch Support and the creator of LoanFirst. The program has additional benefits, for example the buyer can go to closing more quickly and with less stress because their mortgage is 90 percent processed the day they purchase a home. Getting to settlement more quickly is an additional benefit for many prospective sellers as well.