Pre-approval vs. Platinum Pre-Approval
At Neat Capital, we make things simple and we stand by our commitments. That's why we take special attention to explain truthfully, the difference between pre-approvals and our platinum pre-approval. To avoid unexpected changes in your down payment, interest rate and loan requirements, we provide pre-purchase approvals with modern, updated technology that offer you greater confidence and certainty in your offer, maximizing your opportunity to close on your dream home. If you qualify for a Neat Capital Platinum Pre-Approval, we will help you compete with cash offers and back your earnest money if we fail to close your loan. How do you know you're getting an honest pre-approval?
Traditional Pre-Approvals Revealed
Imagine receiving a reasonable pre-approval to find the week prior to closing that you must spend far more per month or deplete your savings to cover the down payment. Traditional pre-approvals are empty promises at best and do not provide any certainty that the loan terms you receive will be the same at closing. The pre-approval terms you see on most lending sites may not be what you're left with at the end of the lending process--this is not okay with us.
According to the Consumer Finance Protection Bureau, “lenders’ processes vary widely, and the words they use don’t tell you much about a particular lender’s process.” Quick, pre-approvals based on estimated guesses and generalities do not fully consider crucial questions that inevitably come up later down the line. Therefore, the "pre-approval" you may have received from other lenders holds very little value. A company that solely “asks” about your credit history, income and basic information is unable to claim, with any assurance, that you are approved because the source of this information is not backed by real data and has not gone through the underwriting process. Instead, the misleading and overused message of "pre-approved" functions as an empty promise.
At Neat Capital, we believe in transparency and partnership. Here's what we will do instead.
Pre-Purchase Approval with Merit
In a similar amount of time that it takes a traditional mortgage company to generate an empty pre-approval letter, Neat Capital infuses underwriting (credit review and loan feasibility) into a revolutionary application process, providing pre-purchase approvals with merit. Later on in the process, while a traditional lender would begin actually reviewing your loan, bothering you with inane document requests and likely changing your original terms, we can help you pick new paint colors for your new living room. That's how much extra time and freedom you'll experience working with us.
A Neat Capital pre-approval provides certainty that you'll be capable of closing on your new home. Unlike any other lending company, we can collect all the necessary data with our one-time, initial application. Instead of asking for estimates or endless information from you, we pull from sources that house updated real-time data. This means that many of our questions are answered by simply linking your accounts, which means you'll have to spend less time delivering on-going updates prior to closing (learn more about our real-time underwriting and its benefits).
Once the application collects all the required data, your application is underwritten in real-time and you receive a real-time offer of loans that you qualify for. This means more time moving into your new home with certainty that your loan will close as expected with less time, money and energy spent calling, emailing and collecting physical papers.
Get your estimate based on data sourced with validity and collaborate with a team that harnesses modern technology to simplify and streamline the home loan process with certainty.
Platinum Pre-Approval Value
In addition to our stronger pre-approval, you may even qualify for a platinum option where we back your earnest money and help you compete with cash offers. In our platinum pre-approval, we back $10,000 of your down payment if we fail to close your loan. Gee, now that's neat.
We know how unsettling it can be to put 10% or more down on a home when your loan has not yet been approved. Here at Neat Capital, we are confident that we can and will close with ease. In fact, we're so confident in our technology and process, that we stand behind our Platinum Pre-Approval by covering $10,000 of your earnest money if there were any mistakes on our end. This risk-free bonus is just one perk of working with us and navigating our incredibly neat process.
The next step to qualify for this perk is to submit your completed application on our website. Ready to start? Apply here.