A Pre-Approval That Means What it Says

Jun 7, 2018

Partnering with Park Bank will provide a better lending and home selling process for you than other local banks and credit unions. Here's how:

First, when we say a buyer is pre-approved, Park Bank can assure you that the buyer is TRULY pre-approved. This means that Park Bank has committed to financing the loan they need to purchase your home, subject to a few final conditions outlined below. We have verified and approved their income, assets and credit history. Park Bank is comfortable providing your buyer with a home loan – hopefully for YOUR home. These buyers have prepared ahead of time for their home purchase and so have we.

Second, a TRUE pre-approval won’t say it is “subject to underwriting” or “further verification is needed.” If you’re told that a buyer’s letter is not “a commitment to lend,” it means that the lender hasn’t yet committed to making those borrowers a loan.

At Park Bank, we believe that a smooth transaction means taking care of those details in advance. Assuming there is no material change to our borrower(s) financial status prior to closing, Park Bank pre-approvals are simply subject to the receipt of an acceptable property review. It’s that simple. Really.

The following is a list of information and conditions related to the selected subject property that the borrower will typically be required to produce and/or satisfy prior to closing the loan:

  • A title insurance commitment free and clear of any liens
  • An acceptable real estate appraisal performed by an appraiser selected by Park Bank
  • A survey and/or any other required inspections or tests as applicable
  • Acceptable evidence of appropriate insurance as required by Park Bank

Upon receipt of the above items related to your home, Park Bank will need to review and give final approval before the loan can be funded. No fees were charged in providing this letter. Park Bank reserves the right to require additional documentation to fulfill the obligations of Park Bank or its investor.

For more information on Park Bank pre-approvals, contact a mortgage advisor at any of our convenient Park Bank branch locations.

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