Senior Mortgage Loan Officer
NMLS 307015 AZ Lic 0914383
"Why would I use a lender that doesn’t provide a PYT Commitment?"Certified PYT Lenders commit to the following: * Lender will issue a loan commitment upon Credit Approval from Underwriting. The quicker you get your documents in, the quicker we can obtain your Credit Approval. * Lender will pay up to $20,000 in the event a transaction is canceled by Seller due to Lender’s failure to fulfill the terms of the loan commitment. Why PYT Was Created? When real estate is bought and sold, both the Buyers and Sellers rely on a Lender Pre-Approval before committing to open escrow. The Buyers incurs certain up-front expenses (including inspection, appraisal, and HOA certification fees). These expenses may exceed $1000 in total. The Sellers will also incur out of pocket expenses, as they are already making plans to buy their new home once their existing home sells. Additionally, the Real Estate Agents on both sides of the transaction continue to expend significant effort, providing their professional advice and ensuring that their respective clients’ interests are protected throughout the transaction. Essentially, all parties need to have confidence that this sale will indeed happen. Prior to the inception of PYT, if the Lender failed to fulfill its offer to lend, the lender was not financially responsible. A Certified PYT lender puts its money where its mouth is, giving all parties a firm commitment and assurance that the transaction will close as expected!
Have you ever heard of a Lender putting up to $20,000 of real money to back up its loan commitment?
Have you ever worked with a Lender who will give you transparent online information as to where a Borrower is in the loan process? With PYT, you now have this peace of mind! Real Estate Agents have a fiduciary duty to obtain the best price and terms for their clients. In a competitive bidding situation, more than just the offered price will be considered by the Seller; the terms and conditions of the offer make a material difference in determining the “best” offer. Real Estate Agents should recommend a Certified PYT Lender to ensure the strongest possible offer – not just in price, but in the probability of closing.
After all - It’s your transaction make sure it’s protected.
Serving Arizona for over 40 years!
Karen Jones, a Licensed Mortgage Loan Officer (NMLS 307015), is located in Phoenix and has been serving Arizona with their home lending needs for over 40 years. As a Certified Mortgage Advisor, Karen is dedicated in ensuring that her clients are well educated and prepared for their new home purchase. AmeriFirst Financial, Inc. Grayhawk Office located in Phoenix, Arizona.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Karen Jones does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Karen Jones will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.