The Federal Reserve announced that while economic activity has continued to strengthen along with the labor market, it will not raise rates following its May... Read More
Physician Loans, Doctor Loans are available with Higher Loan Amounts Under the Physician Loan Program, student loans that will be deferred for a minimum of 12 months after the closing date may be... Read More
Guidelines for derogatory credit comparison by loan product type (conventional, FHA & VA) For more information regarding a specific set of circumstances contact Bill at (702) 816-7070 or... Read More
The Impact of Trade Battles There seems to be a lot of rhetoric going back and forth on the topic of trade battles. Much of this debate centers upon the question... Read More
“After years of renting, Bill Haverly at Five Star Mortgage made it possible to finally become a homeowner. Getting my loan pre-approved and completed was so easy—getting my cable account set up was much more stressful and time-consuming.” -Alvin C, first-time homebuyer Looking to stand out from the buying crowd and land the perfect home? Instantly distance yourself with an underwritten letter of pre-approval or DU. Pre-approval is a game-changer. It shows sellers you mean business. You’ve done your research, you know your budget and you’re ready to plunk down some serious cash on a brand-new home. But what exactly is pre-approval and how can it give you a leg up? Pre-qualification vs. pre-approval Before merging onto pre-approval road, fuel up at pre-qualification station. To get pre-qualified, a lender evaluates your debt, income, and assets to give you an amount of how much you’re likely to be approved for. This quick procedure can guide your search and help you explore your mortgage options, but it doesn’t include an analysis of your credit report or an in-depth look at your ability to purchase a home. For this reason, pre-qualification doesn’t carry the same gravitas as pre-approval. Your pre-qualified amount can help you determine your price range, but it’s not a sure thing. It’s simply the amount for which you might expect to be approved. Pre-approval 101 Once you’ve dipped your toe in the water with pre-qualification, it’s time to make a splash with pre-approval. You’ll complete an official mortgage application and supply your lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. At this stage, you will most likely not have found a home yet, but you can leave blank any references to “property” on your application. The basic formula of pre-approval remains the same from lender to lender. A lender reviews your credit report and financial information to determine your approved loan amount. Once the process is complete, your lender can disclose your specific mortgage amount. This can help you pin down your interest rate, and in some cases, you might even be able to lock in a specific rate! Real approval* Five Star Mortgage takes the pre-approval process to the next level with an automated underwriting or DU of your loan file in hours, not days. We call it “Real Approval.” Benefits of pre-approval with automated underwriting or DU: You narrow down your search with an accurate price range. Real estate agents and sellers know you’re ready to buy—NOW. You can make an offer on the spot when you find your dream home. Your offer is stronger than a pre-approval with no automated underwriting or DU. But don’t just take our word for it—agents can attest to the pre-approval difference: “Bill Haverly at Five Star Mortgage's reputation for supplying pre-approval carries a lot of weight with me. I know they can deliver and deliver with speed. I had a deal with a major lender and it was going on two months, so I sent it to Five Star Mortgage and Bill got it done in two weeks.” Imeld E, @properties Final approval Keep in mind—you still need final approval to close on your home. This can happen once all the underwriter’s requests are approved and a Clear to Close (CTC) is issued. Summer is peak home-buying season and the competition can be stiff. Play chess while other homebuyers are stuck playing checkers: pre-approval can put you on the fast-track to home ownership. Happy house hunting! *“Real Approval” means an automated underwriting system approval or DU based upon credit information supplied by applicant and subject to Five Star Mortgage's review of loan documents. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Bill Haverly at Five Star Mortgage for current rates. Read More
Chris Bishop, 2018 GLVAR president Local home prices rose again in February, while sales slowed down amid a shrinking housing supply, according to a recent report from the Greater Las Vegas Association of... Read More
To determine our predictions for the best real estate markets of 2018, realtor.com’s® economic data team took a look at the number of sales of existing homes and their prices, along with the amount of... Read More
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