On behalf of a first-time homebuyer, we obtained a conventional, 30-year fixed-rate purchase loan for his new home in Miami Shores, Florida.
He had already obtained a preapproval letter from another lender, but we were able to provide him with better terms. We gave him 95% loan-to-value at a 3.75% fixed interest rate over 30 years.
We submitted his loan application, put it through underwriting, and got a conditional approval — all in the same day. Indeed, it only took about 6 hours from the time of submission to receive conditional approval. Furthermore, the conditional approval contained only 8 conditions. This made the rest of the process go smoothly towards the closing table.