SAN DIEGO, Nov. 5, 2013 /PRNewswire/ -- BluFi Lending (@BluFiLending), a direct lender for home loans, announces its new approval process, the Forward Advantage Buyer (FAB) program. The FAB program provides full mortgage loan approval by an underwriter minus appraisal, title, and escrow to enable borrowers to immediately put down an offer when they find the perfect home. With a FAB approval, BluFi can close on a loan 17 days after the buyer chooses their dream home and opens escrow.
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BluFi decided to offer the FAB approval because they wanted to help BluFi homebuyers acquire an "edge" in the current competitive real estate market, and get home loans appropriate for their budget. Once a borrower has BluFi's FAB approval, they will know precisely the size of loan they will get before putting an offer down on a home. The FAB program helps borrowers avoid missed opportunities due to wasted time, and levels the playing field when competing against cash buyers. Real estate professionals and sellers are more confident in FAB-approved buyers because an underwriter-approved loan translates into a quick close.
There are three main types of approval in home lending. A pre-qualification is a broad estimate of the loan size a borrower can afford based on a quick credit check by a loan originator and stated information from the applicant. A pre-approval comes from a loan originator and is stronger because it is based on a credit check and minimal verified documentation. But final loan approval does not occur until full verification is approved by an underwriter. Oftentimes, buyers believe their pre-approval is final, only to lose out on a property when their documentation was submitted to an underwriter. FAB approval is the strongest approval because it is based on verified credit check and documentation and is approved by an underwriter prior to finding an actual property.
Most consumers shop for a home with only a pre-approval, and do not obtain final underwriter approval until they have chosen their specific property. With FAB approval, buyers get full underwriter approval first, then shop. When they find their dream home, there is no waiting, they can immediately put in an offer.
"The FAB program is our way of putting families in the right home with the right loan," said BluFi Lending President and CEO, John Lee. "We're helping our clients stay competitive when they shop for their home, but we're also acting as a responsible lender. In the past, many people were given loans that were too expensive without the proper education on their options. With early input from underwriters, the FAB program will help borrowers make smarter financial decisions and choose the loan, and the home, that's perfect for them."
People interested in more information about the Forward Advantage Buyer program can visit BluFi's website at BluFi.com/FAB, or call a mortgage banker at 1-800-644-7779.
To learn more about BluFi Lending visit BluFi.com; BluFiBlog.com and facebook.com/BluFiLending.
About BluFi Lending
BluFi Lending is a direct lender helping consumers save money on home loans for purchase or refinance. As a direct lender, BluFi eliminates the middle man and facilitates all final decisions in-house so the home loan process is fast, easy and stress-free. BluFi provides a simplified process, certainty on close and clarity at every step. The company is licensed in eight states and works with highly trained mortgage bankers and real estate professionals to ensure fast funding, exceptional customer service and competitive rates and fees. BluFi Lending: Making Homes Happen. Visit BluFi.com or call 1-800-644-7779 to learn more.
Equal Housing Lender. Terms and conditions are subject to change without notice. Loans will be arranged or made pursuant to Department of Business Oversight California Finance Lenders Law. License #603H302. CORP NMLS #279622.
Media Contact:
Lexy Haynes
Clearpoint Agency, Inc.
[email protected]
760.230.2424
SOURCE BluFi Lending
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