Certified Pre-Approval

What is it?

pre approval sealMortgageBanc will certify the validity of a pre-approval before a buyer writes an offer. With an acceptable property and appraisal, the buyer is getting their house.
We back it up with a money back guarantee of up to $7,500.
We are the only lender in Birmingham willing to back up pre-approval with money back guarantee.

How does it work?

  • Homebuyer meets with MortgageBanc loan officer before they go look at homes.
  • Buyer brings documentation to make a loan decision to initial consultation.
  • MortgageBanc LO explains mortgage process and Certified Pre-Approval program to homebuyer.
  • MortgageBanc reviews applicable paperwork from buyer.
  • MortgageBanc issues MBCPA Certificate and money back guarantee within 48 hours of receiving all needed paperwork.
  • Buyer finds a home and makes an offer.
  • Buyer closes on home with no hassles and no surprises.

MortgageBanc’s complete evaluation of applicant’s financing ability including income and asset documentation ensures a closing as long as:

  • The borrower’s personal financial qualifications stay the same or improve*
    (*Personal financial qualifications include but are not limited to: employment, income, assets, credit scores and debt)
  • The agreed upon loan parameters stay the same or improve**
    (**Agreed upon loan parameters include but are not limited to: maximum loan amount, maximum total monthly payment, maximum interest rate, interest rate market conditions, down payment requirements, property insurance requirements and mortgage insurance requirements)
  • The property meets all necessary loan requirements

The Money Back Guarantee

If we issue an MBCPA and we are wrong, we will:

  • Pay the costs of appraisal and inspection, up to $1,000
  • Pay temporary living expenses, up to $1,500
  • Reimburse lost earnest money, up to $5,000

Last year in the Birmingham area, we closed over 700 home loans and we would not have paid out this guarantee a single time.

Home buyers and realtors in the Birmingham area can feel confident when they see this.

What’s not covered:

  • Buyer is already under contract- these buyers need an approval, not a pre-approval.
  • Appraisal/home quality/property eligibility.
  • Title issues.
  • Changes in homebuyer profile (such as: job loss or change, credit score drops or new debts incurred, misrepresentation on application.)
  • Certain loan types

MBCPA Certificate Contains:

  • Maximum cash for down payment
  • Maximum monthly payment
  • Maximum closing costs

Which loan programs don’t count?

  • USDA
  • NCHFA
  • Brokered Loans