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Priority Approval at Southern Trust Mortgage

In the beginning of 2018, we set out to empower our partners and borrowers alike, with an initiative that provides the absolute quickest way to make the strongest offer. Thus, the Priority Approval program was born.

Since then, Priority Approval has helped countless homebuyers and their agents make offers that stand out from the rest and get to the closing table faster than ever. So what exactly is it and how do we accomplish it?

Here are a few FAQs about the Priority Approval Program:

1. What is the Priority Approval Program?

A Priority Approval is a fully underwritten credit approval from Southern Trust Mortgage designed to get you a decision in 24 hours or less so that you can make a competitive, strong offer and guarantee a quick closing.

2. Who is a good candidate for Priority Approval?

The good news is that just about anyone who is ready to shop for a home is a good candidate! It doesn’t matter if you are in the middle of your home search, have found the perfect home, or haven’t even begun the process yet…Priority Approval simply expedites the credit approval part of the mortgage loan process so you can confidently look at houses and make offers with a fully underwritten approval letter stating the specific amount you qualify for.

3. How is this a game-changer for the home loan process?

The letter that is given to the Real Estate agent or borrower is a true credit approval, not a pre-qualification or pre-approval. It puts the ability to submit the loan directly to the underwriter in your Loan Officers hands. This means that you don’t have to wait for the “back and forth” that can happen during the processing stage of your loan while still waiting for your approval letter. Your loan officer will simply communicate what they need from you, and once you get it to them, you will have a fully underwritten decision in one day or less!

For Real Estate Agents, this means you can take your homebuyer shopping and rest easy knowing they are already approved. Also, when they go to write the contract there is no doubt that the borrower will qualify.

All parties involved are assured upfront during the first 24 hours of the loan process, rather than having to wait 30 days to make sure it’s a done deal.

4. How is Priority Approval different from a traditional pre-approval letter?

Getting pre-approved by a mortgage lender means that you have completed the loan application and have supplied initial financial and employment documentation. The mortgage company will check your credit, review your documentation provided and issue a commitment letter with the amount you are approved for. This is different from Priority Approval because a traditional pre-approval is conditional on your file still being underwritten. In essence, you really aren’t actually approved yet with a pre-approval letter. There is still the uncertainty of any problems that can arise once your loan goes to the underwriter. With Priority Approval, your file has been expedited straight to the Underwriter and they have issued their decision. A Priority Approval letter states that you are already fully credit approved and good to go – which means all that is left is finding the perfect home!

5. How do I get started?

Starting off your home loan process with a Priority Approval is as easy as giving one of our experienced Loan Officers a call. As previously noted, it doesn’t matter what stage of the home buying process you are in. Your Loan Officer will collect a few basics about you and your situation and have you fill out a loan application. Once your application has been completed, the only documentation you will need to provide to your Loan Officer is:

  • your most current pay stubs
  • your most current bank statements
  • your previous year’s tax returns (self-employed borrowers only)

That’s it!

6. How long will it take for me to receive my Priority Approval?

The time from fully completed application and initial documentation to full credit approval is less than one business day!

Recap : Key Advantages Of Priority Approval

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Full Credit Approval

This program is not a mere pre-qualification or pre-approval.

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Blazing Fast

Get a fully underwritten credit decision in less than 24 hours.

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Quick Closings

Being fully approved helps the entire home buying process move quicker and smoother.

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Offers That Stand Out

Shop with confidence knowing you have a competitive offer

Testimonials From The Southern Trust Team

“In my 18 years of being in the business, 
I’ve never closed a loan this fast”

– Rick Hennen, Branch Manager

“After closing the loan in just 12 business days,
this is how I’ll roll from now on.”

– Carol Hall, Loan Officer

“From ‘Docs Out’ to ‘Clear To Close’ in only 14 business days…
This is absolutely unreal!”

– Ryan Lowry, Branch Manager

If you are ready to take advantage of the Priority Approval program for yourself or your clients, give one of our experienced Loan Officers a call today. We are standing by to help!

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