What is it?
MortgageBanc 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?
- Brokered Loans