FastTrack Credit Approval
The home market is competitive. If you’re not prepared to move forward when you’ve found the perfect home, you could risk losing it to another buyer. Give yourself the competitive advantage you need to buy with our FastTrack Credit Approval program.
Here’s how it works:
You’ll have a letter to demonstrate to a seller that you can buy their home — and buy it fast. Sellers will know you’re Credit Approved (pending conditions) and that your loan will close quickly!
- Apply for a mortgage and provide all required documentation, such as W-2s, bank statements, and tax returns. Your credit will be reviewed.
- Receive buyer and seller letters. The buyer letter will notify you that you have Credit Approved status subject to the terms and conditions in the letter. You’ll also receive a letter you can give to the seller of a home that contains your approved loan amount, along with the statement that you’ve been Credit Approved.
- You’ll have the option to clear credit conditions while shopping for your home, which speeds up the process. With your credit approval, there may be conditions that need to be cleared, such as additional information that the underwriter requires. With all conditions cleared, you’ll be in a good position to close quickly after you execute a purchase contract.
- Find a home, make an offer, agree on a price, and sign a purchase contract.
- Proceed with the final steps, which include obtaining an acceptable appraisal, evidence of title, and property insurance. With credit conditions already cleared, your loan could close in as few as 7 days after the signing of the purchase contract. The timeline will be determined on the completion of the final steps.
- You’ll be notified that you have a clear to close. Your closing date will be finalized, and you’ll sign all documentation so you can take possession of your new home.
Fast mortgage service comes standard at HMAC Team Cal Point Mortgage. In addition to our FastTrack Credit Approval program, we can close most loans in as few as 21 days. We understand that when you’ve found a home that you love, you want to start enjoying it as quickly as possible.
Here’s how it works:
- We’ll work closely with you to obtain all documentation within 7 days of the date of your application, ensure that it’s complete and accurate, and submit it to loan processing for review.
- A loan processor will review your documentation within 24 hours and complete that review within 2 days of receipt. The processor will then submit your loan to underwriting.
- Your loan will be assigned to an underwriter who will complete an initial review within 24 hours. If any conditions are required, your loan will be sent back to the processor to clear them and prepare for closing — all within 7 days of the underwriter’s initial. Once complete, the loan will be sent back to underwriting for final review and approval.
- The underwriter will issue a clear to close (CTC) and assign the loan back to the processor who will inform all parties of the CTC, verify the closing date and time, and place the loan in the closing queue. The closer will have 24 hours to provide closing documentation to the settlement agent.
- You’ll attend the closing with your agent and sign all remaining documentation.
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