What is the difference between Pre-Qualification VS Pre-Approval?
A Pre-Qualification is used to lure you in
A Pre-Approval happens after you have shown documentation (Tax returns, W2s)
Cornerstone goes further with an approach called the Diamond Approval. The Diamond Approval is when a Loan Officer takes a full file has it ran through Underwriting and an Underwriter reviews the file and gives a full approval on the Diamond process. It is important to go beyond a pre-approval because by the time a file can get in to Underwriting things can change with your credit, income, tax return issues, etc…
What does this do for the consumer?
- Gives them a competitive advantage on multiple offer situations
- Faster closings
- Peace of mind
- Prevents last-minute problems/surprises
What not to do after a Diamond Approval?
- Don’t create any new debt, don’t apply for any credit
What is the cost of the Diamond Approve?
- 100% Free
If you are interested in purchasing a home within the next year and would like the Diamond Approval reach out by visiting Cornerstone Mortgage. To get in contact with Heath Keller or Doug call/text Heath at (314)494-2428 or Doug at (314)472-DOUG
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