Platinum Pre-Approval

The next best thing to a cash offer.

In a competitive real estate market, make that offer shine.

When negotiating a home purchase, the Platinum Pre Approval program from Waterstone Mortgage allows homebuyers to present an approval that doesn’t require any additional credit, income, or asset verification. It can even help homebuyers compete with cash offers!

And the best part is: because most credit documents are reviewed up front, a Platinum Pre-Approval can help homebuyers get to the closing table (and into their new home) quickly.

Applicable loan programs include:
  • Conventional Loans with Mortgage Insurance
  • VA Loans
  • FHA Loans

How is a Platinum Pre-Approval Different from a
Pre-Qualification?

Pre-qualify and pre-approve are often used interchangeably – which can be very confusing. If not understood correctly, it can cost you an accepted offer on your new home. Let us provide some clarity on the difference between the two and show you how the Platinum Pre-Approval process works at Waterstone Mortgage.
 

Pre-Qualification

A pre-qualification is a lender’s estimate of how much you could be eligible to borrow based on the financial information you supply. A pre-qualification is less formal than pre-approval and does not include an income and asset review. A pre-qualification does not mean you will be approved for a loan – it is only an estimate of your creditworthiness based on the information you provided.

If you plan to start looking for a home, it’s a good idea to pursue Platinum Pre-Approval. Because a pre-qualification is less formal, Platinum Pre-Approval will help your offer stand out.

Platinum Pre-Approval

A Platinum Pre-Approval means you have met with Waterstone Mortgage; your income, assets, and credit have been reviewed (which involves pulling your credit report); and we believe you can readily qualify for a given loan amount.

At Waterstone Mortgage, we will gather the following information from you during the Platinum Pre-Approval process:
  • Most recent copies of pay stubs for the last 30 consecutive days
  • Copy of W-2 statements for the past two years
  • Copy of complete personal tax returns for the past two years
  • Complete copy of personal and business tax returns for the past two years if either borrower is self-employed
  • Statements for last 60 days from any stocks, bonds, or mutual funds you wish to disclose for purposes of mortgage loan approval
  • Statements from retirement accounts such as 401(k), IRA, etc. covering last 60 days
  • Copy of the divorce decree or marital separation agreement, if applicable
  • Clear copy of borrower(s) driver’s license
  • Clear copy of borrower(s) Social Security card
  • Bank statements (checking and savings) for the most recent 2 months

After you have received Platinum Pre-Approval, you will receive a Platinum Pre-Approval letter for an exact loan amount, allowing you to look for a home at or below that price level.  Although not a final loan commitment, the Platinum Pre-Approval letter can be shown to listing agents when making an offer on a home. It demonstrates your financial strength and shows that you have the ability to finance a purchase.

Your Platinum Pre-Approval is what we call a “conditional commitment.” It is NOT a guaranteed commitment to lend – you will need to have an accepted offer and a final underwriting review before your loan is cleared to close.

The Platinum Pre-Approval Process

  • Before you start your home search, meet with a Waterstone Mortgage loan professional for an initial loan consultation to discuss your mortgage needs and see if the Platinum Pre-Approval program is right for you.
  • Work with your Waterstone Mortgage loan professional to fill out a loan application.
  • Once your application has been submitted, our Underwriting department will review your credit history,
  • income, assets, and debts to determine if you meet the qualifications and standards for a Platinum Pre-Approval.
  • Congratulations – you’ve been Platinum Pre-Approved! You will receive a letter outlining the loan amount, rate, and terms of your Platinum Pre-Approval. This letter can be added to your purchase contract to show the seller that you are conditionally approved for this home and your offer is backed by the strength and security of Waterstone Mortgage.
  • As soon as your offer is accepted, contact your Waterstone Mortgage loan professional to finalize your financing details.



Ready to Get Pre-Approved?

To learn more about the Platinum Pre-Approval program and see if you qualify, contact a Waterstone Mortgage loan professional near you.

A pre-approval is not an offer to enter into an agreement, which must be made separately and in writing, and should not be construed as a commitment to lend. Waterstone Mortgage is not obligated to close and fund this loan unless all terms and conditions of the pre-approval have been met. Once a property is selected, Waterstone Mortgage must order and receive a satisfactory flood zone determination, property appraisal, and a satisfactory private mortgage insurance certification, if required. An escrow account may be required for the payment of property taxes and other costs. Waterstone Mortgage reserves the right to cancel this pre-approval in the event of any material misrepresentation in your application, in the event of an adverse change in your credit history, employment, income, assets, debt, or other factors affecting your financial status, or if at any time, the loan is determined to meet the definition of Higher Priced Mortgage Loans according to Regulation Z, or if the above requirements are not satisfied.