Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

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Benefits of a Fairway Advantage Pre-Approval

March 8, 2022

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Are you ready to house hunt this spring for a new home? Are you unsure what your next steps are as a new homebuyer? We reached out to Loan Officer Scott Jacobs of Tacoma, Washington to help walk you through the process from A-Z. He’ll discuss the difference between getting a pre-qualification for your home mortgage and getting a Fairway Advantage pre-approval here.

“When you are ‘pre-qualified’, here at Fairway, it means that based on the information you provided on your initial application it appears you will qualify for a home, but it is much less strong and less certain than a Fairway Advantage Pre-Approval.” There are a few differences between a Fairway Advantage Pre-Approval that is actually fully reviewed, Jacobs explained. “Your application will be run through processing to review credit, income, assets, etc. and is actually fully approved through underwriting with the exception of property related items; appraisal, clear title search, executed sales contract, etc.”

You’ll want to apply for your loan approval prior to home shopping he says, “the Approval is helpful in many ways, one being that when you are out shopping you know exactly what type of loan and how much of a loan you can have, as well as being confident in the fact that we can also close very quickly once the property appraisal is received.” This way, you won’t be looking for homes in the wrong price range.

Jacobs continued, “In an extremely competitive market this truly gives you an advantage against other offers, when your Loan Officer speaks to the listing agent they assuring them you are already fully underwritten and with all aspects of your file verified, it makes your offer look much stronger than a pre-qualification from anyone else!” This is key when homes are selling quickly.

Your Advantage Pre-Approval Seriously Competes With Cash

To be clear, “essentially a Fairway Advantage approval can compete with a cash offer! Once you have an accepted after you can sit back stress free knowing you did all the hard work up front instead of being stressed and worried up until your new home closes. There are no unwanted surprises with a Fairway Advantage pre-approval since income, assets, credit are all reviewed up front!”

Are you moving this year? Finding a new home doesn’t have to be stressful. Check out our FHA home loan process here then contact our team today for help making your move a little smoother.

Apply for your Fairway Advantage Pre-Approval Now

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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.

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In all instances, the Advantage Pre-Approval is the same as the Fairway Advantage Pre-Approval. Fairway Advantage pre-approval is based on a full review of the borrower’s creditworthiness and is contingent upon there being no material changes in the borrower’s financial condition or creditworthiness at the time of final loan approval. Final loan approval is subject to the following conditions: (1) borrower has identified a suitable property, and a valid appraisal supports the proposed loan amount; (2) a valid title insurance binder has been issued; and (3) borrower selects a mortgage program and locks in an interest rate that will support the pre-approved monthly payment amount. Loan must close before the expiration date provided in the pre-approval. Please note that submitting verifying documentation is not a requirement to receive an estimate of closing costs associated with a mortgage loan.

Pre-approval is based on a preliminary review of credit information provided to Fairway Independent Mortgage Corporation, which has not been reviewed by underwriting. If you have submitted verifying documentation, you have done so voluntarily. Final loan approval is subject to a full underwriting review of support documentation including, but not limited to, applicants’ creditworthiness, assets, income information, and a satisfactory appraisal.

Some references sourced within this website have not been prepared by Fairway and are distributed for educational purposes only. The information is not guaranteed to be accurate and may not entirely represent the opinions of Fairway. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.

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