Here’s how it works:

With PYT, your loan is approved up front by an actual underwriter and safeguarded with at least $15,000 in performance assurance. That’s why a PYT Loan Commitment is considered the gold standard of mortgage protection – it shows the seller that the lender believes in the strength of your offer and will stand behind it from start to finish. Which means no delays or disappointments will stand in the way of your dream home:

  1. Gather paperwork so we can do the heavy lifting upfront – an underwriter has to see your information so you will know exactly what you can afford!
  2. Start your house hunt with a PYT Loan Commitment which gives you confidence and peace of mind.
  3. Present your offer with the PYT Certificate – which demonstrates that you have rock solid financing.
  4. Start your new life in the home of your dreams!
We will get your loan ready to submit to our underwriter so that you are preapproved for your loan. This will typically be done for you before you make an offer to buy a home. Make sure you keep all the original documents for all the documentation we collect from you to prove your ability to qualify for the loan.
If you want to shop with other lenders, explain to them that you are comparing 2 or more lenders and that you will need a valid Loan Estimate so that you know exactly what the loan will cost if you decide to go with them. If the lender agrees to provide you with an official Loan Estimate, give them copies of all the documentation you provided us.
Once you have found the home you are going to buy, provide all the lenders with the property address.
Negotiate your purchase contract for the home you want to buy (we will help you with the strategy for doing that; you might want to ask the other lenders if they provide the same service).
When the Lenders submit their Loan Estimates, forward a copy to us. We belong to Mortgage Coach, an organization that educates lenders on showing clients all the loan options that are available to them and gives us access to a tool called the Total Cost Analysis. We will use this tool to compare all your Loan Estimates. (There will probably be differences in the way the lenders have structured your loan, and the Loan Comparison will help make those differences clear to you, especially in terms of the bottom-line cost of each loan option.)
If another lender has provided a valid Loan Estimate with a lower cost and we are unable to match or beat that price, you can tell the other lender to proceed with closing your loan. (Make sure the lender has already fully approved your loan – you don’t want any last-minute surprises that will jeopardize your closing.)
One you have closed your loan with the other lender, send us a copy of your loan closing statement so we can verify that the lender did not exceed the Loan Estimate they gave you and we will send you a check for $100 for your time and trouble.