Veteran
Platinum Credit
Approval
$250M
in lifetime VA loans funded
97%
customer satisfaction rate
10-DAY
average loan approval period
The Waterstone Mortgage Platinum Credit Approval (PCA) program is the strongest mortgage loan approval a homebuyer can receive.
The Platinum Credit Approval process gives you, the homebuyer, the opportunity to submit a full-document loan application before you begin searching for a home. Once the application is submitted, our underwriting team will confirm your eligibility and issue a fully underwritten loan approval — with the exception of the specific property, which you will confirm at a later time. Essentially, you've completed most of the work upfront, so the rest of your loan approval process will be streamlined and simplified!
With a Platinum Credit Approval in hand, you will have a competitive advantage and the confidence to make a compelling offer on your dream home. In addition, homebuyers with a Platinum Credit Approval experience several unique benefits that make them stand out from other buyers in the market.
Pre-Qualification vs. Pre-Approval
Pre-qualification is an informal process where a homebuyer provides their potential lender with some basic information, such as their current income and debt levels. If you're hoping to buy a home and are ready to get pre-approved for a mortgage, we'll ask you to provide supporting documents such as recent paycheck stubs and bank statements. We'll also pull and review your credit report. Then, an Automated Underwriting System (AUS), along with our underwriting team, will determine your eligibility. Your Waterstone Mortgage loan originator will review the information in more detail to approve or deny a loan amount.
What Makes a PCA Different
A Platinum Credit Approval (PCA) is the most formal version of the pre-approval process, and it will give you the most accurate picture of the loan amount you may qualify for. To receive a Platinum Credit Approval, you will complete the same steps needed for a traditional pre-approval. In addition, our underwriting team will complete an in-depth analysis of your credit, financial, and employment information. After you make an offer on a property and it's accepted, you're well on your way! An appraisal of the property will be completed and, as long as all conditions for the home and the loan are met, a quick closing follows.
Platinum Credit Approval Closing Guarantee
The Waterstone Mortgage Platinum Credit Approval Closing Guarantee combines the strong assurance of our Platinum Credit Approval with the security of a closing guarantee — providing the peace of mind that buyers and sellers seek in an ever-changing, competitive market.
Waterstone Mortgage proudly stands behind our Platinum Credit Approval process. With our new Platinum Credit Approval Closing Guarantee, if we are unable to close a Platinum Credit Approval loan — due to an internal error during our underwriting process — we will pay the seller(s) of the subject property $5,000.*
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Customer must receive a fully approved, not conditional, underwritten Waterstone Mortgage Platinum Credit Approval (PCA) issued prior to the date of the purchase contract to qualify for the Platinum Credit Approval Closing Guarantee (PCACG) and must complete all steps required by Waterstone Mortgage as part of the loan process, including, but not limited to, all documentation, information requested, and authorization for Waterstone Mortgage to obtain a full tri-merge credit report. The PCACG shall not apply unless all terms and conditions of the PCA have been met. The PCA is a pre‑approval program offered by Waterstone Mortgage. In accordance with federal regulations, consumers are not required to provide verifying documents until they have submitted a loan application, received a Loan Estimate Disclosure, and stated their intent to proceed with the loan transaction. A pre-approval is not an offer to enter into an agreement, which must be made separately and in writing, and should not be construed as a commitment to lend. The PCACG becomes void in the event of any material misrepresentation in the customer’s application, or an adverse change in the customer’s credit history, employment, income, assets, debt, or other factors affecting their financial status. Further, the PCACG is contingent upon the honest and accurate representation of all parties involved. Any act of fraud, misrepresentation, or deceit committed by either the buyer or the seller during the course of the transaction shall render the PCACG null and void. Provided the loan does not close due to a Waterstone Mortgage underwriting error and the requirements outlined herein are satisfied, Waterstone Mortgage will pay the seller of the subject property $5,000 within ten (10) business days. Rates, program terms, and conditions are subject to change without notice. The PCACG is for conforming Conventional, FHA, VA, and USDA loan programs only. If you elect to change loan programs after the PCA approval and your eligibility for the program no longer qualifies, the PCA approval will render this offer void.
