Last week we discussed how all preapproval letters are not created equal — it matters how your client obtained it and the quality of the conversation between loan officer and client. What we didn’t touch on is the weight a preapproval letter has in the overall mortgage loan process.
Regardless of the process through which the client receives the preapproval letter, every client’s loan will have to go in front of an underwriter for final approval. This is where setbacks in the mortgage process can occur. You might be thinking, “Well, what if we got the client in front of an underwriter ahead of time? Couldn’t that eliminate some of the risk or uncertainty?” The answer is a resounding YES! And Key Mortgage has just the process to make that happen — it’s called SecureShop and it’s FREE!
SecureShop is Key Mortgage’s preapproval letter that has had the borrower’s income, assets and credit reviewed by an underwriter who has approved the loan subject to a property. It eliminates all the guesswork from the loan approval process and offers peace of mind to clients. Let’s discuss some ways in which a SecureShop preapproval could be of benefit to you, your clients and a potential seller:
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More solid offers: If engaged in a multiple offer situation, an underwriter-reviewed preapproval will have more certainty and security behind it. Who doesn’t want more certainty in an uncertain world?
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Peace of mind for clients: Have a client who feels their circumstances may make it difficult to obtain a loan? Don’t just take your loan officer’s word for it — have an underwriter tell them they are qualified.
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Security for sellers: Got a nervous seller that can’t buy if their home doesn’t sell and close? An underwriter-approved preapproval removes that skepticism and helps them be more confident to move forward with selling and buying!
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A better client experience: Overall, you just want your client to have a great experience. Taking away a big piece of the anxiety puzzle will make the process even easier and more streamlined.
The key is getting your client to engage with your Key Mortgage loan officer early in their home search process. Even if they don’t know exactly what price range they will be in, we can set them up for success through the consultation process and obtain the preapproval terms that best fit their situation.
This FREE service can be coupled with our Second Look Program, giving you an even greater incentive to connect your loan officer with your client. Quite frankly, this could be a game-changer in this still very competitive market. Your next step is to reach out to your Key Mortgage loan officer and strategize how best to introduce you and the SecureShop process to them. Let’s create a valuable resource your clients will thank you for through years of referrals!
