The Ark Certified Pre-Approval
Improve Your Home Buying Power
Buying a house is much more than just deciding how many bedrooms and bathrooms you’ll need. It’s crucial to sit down and work out a budget that subtracts your expenses from your income and leaves wiggle room for emergencies. What remains is your “MAP” (or Maximum Affordable Payment) for a mortgage. Determining your MAP is just part of the initial consultation with an Ark Mortgage Advisor. Your Advisor will also describe various ways to maximize your purchasing power, including the importance of a Certified Pre-Approval.
An Ark Certified Pre-Approval letter is essential to the home purchasing process and here’s why:
Sellers often receive multiple offers to purchase their home. But no matter how many bids they receive, they must be certain that the purchase is qualified to close the deal. Otherwise, they risk taking the home off the market prematurely – potentially missing out on offers from more qualified bidders. In the end, the seller could lose out on the sale. That’s why any Realtor representing a seller won’t even consider an offer without a pre-approval letter.
Some Realtors or lenders might tell you that a pre-qualification letter will suffice. That’s just not true. To have the best chance of purchasing a home, especially in a multi-bid situation, it’s vital to present a certificate that Realtors and sellers respect and acknowledge as a strong indicator of purchase ability. Short of paying cash, the Ark Mortgage Certified Pre-Approval certificate is the strongest evidence a buyer can present to a seller of their ability to close the deal. Why?
The Truth about Basic Pre-Approvals:
The Truth about Pre-Qualifications:
Ark’s Certified Pre-Approvals.
That gives you two months to shop for the right house with confidence. And when you bid on a property armed with an Ark Certified Pre-Approval, you’re telling the seller that, (subject to Final Conditions*), Ark Mortgage has guaranteed that it will approve the loan because your credit history, income information, (and if you so choose, your asset holdings), have already been reviewed and verified.
Ark Offers Two Versions of its Certified Pre-Approval:
Certified Pre-Approval with Asset Review
is for buyers who have determined the amount and source of funds available for downpayment and closing costs.
Certified Pre-Approval without Asset Review
is for buyers who are not yet certain about the amount or source of funds available for downpayment and/or closing costs.
Ark Certified Pre-Approvals are Subject to the Following Final Conditions:
- No material changes to information submitted to obtaining a Pre-Approval
- Verification of property information (i.e., acceptable appraisal, clean title, required insurance, etc.) submitted subsequent to obtaining a Pre-Approval
- Verification of asset information submitted subsequent to obtaining a Certified Pre-Approval (without Asset Review)
- Other conditions may apply.
Ark’s Certified Pre-Approvals – With Optional Rate Protection.
If you plan to go to contract within three months of obtaining an Ark Certified Pre-Approval, you can further reduce the stress of the homebuying process by purchasing Rate Protection for a refundable* fee of $995. When you purchase Ark’s Rate Protection, you can lock in your rate for 90 days. You’re protected if rates increase. And if rates decrease, you can take advantage of the lower rate.
* The Rate Protection Fee:
- Will be credited against your closing costs if the loan closes within 12 months of purchasing Ark’s Rate Protection.
- Will be refunded if all of the Final Conditions have been satisfied and Ark cannot, or Ark does not, enable the loan to close.
- Will not be refunded if the loan fails to close because one or more of the Final Conditions have not been satisfied.
- Will not be refunded even if all of the Final Conditions have been satisfied but you choose not to close.
Real quotes from real clients:
Simply Better Mortgage Pre-Approvals
30 Minute Applications
It takes less than 30 minutes to complete the application for the Ark Mortgage Certified Pre-Approval.
24 Hour Approvals
Our experienced in-house underwriting team will review and approve your application in under 24 hours.
60 Day Guarantees
Every Certified Pre-Approval is conditionally guaranteed in writing for at least 60 days.
21 Day Closings
When you find the perfect home we’ll finish your application and get you closed in 21 days or less.
Our Lifetime Guarantee allows you to refinance for any reason without any origination or appraisal fees.