The Unique Pre-Approval Process at Cherry Creek
Are you looking for a quick, reliable, and locally-respected pre-approval?
Below you'll find answers to FAQ's, overview of the process, and access to a quick, solid pre-approval from a well-respected lender in Greater Milwaukee.
Any time you wish, you can use our Get Started Online Portal. We'll guide you step-by-step to complete your pre-approval quickly.
NOTE: If you happen to know your credit score is under 580, please contact me first, before starting that process.
If you prefer to meet in person, you can use the chat box below or call me: Greg Schliesmann, 414-617-1756. You can call 24/7, seven days a week. If I'm unable to answer, leave a voicemail, and I'll return your call soon.
We can complete most pre-approvals online the same day.
A Unique Benefit
Beyond the typical pre-approval, we also offer a special status with our VIP FasTrac program. It's the next best thing to a cash offer.
How does VIP FasTrac work? We do something very unique. After issuing the initial pre-approval letter (stage one), we give you the option of underwriting your loan -- even before you find a home!
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It works like this:
Stage one: Pre-approval letter. Typically same or next day. No Cost.
Stage two (optional): Initial underwriting approval* -- before you find the home! No Cost.
Stage three: Find home
Stage four: Close!
This is prestigious and unique because normally the underwriting process happens only after you find a home. What's the advantage of this unique approach?
One word: Confidence. It provides confidence to the seller. That's who you want to accept your offer, right?
It also allows you to close much more quickly (in about 18 days if you wish) and have a smoother process once you do find a home. But the key is the confidence it gives the seller. It makes you stand out as a buyer. In this competitive market, it's a huge advantage!
Whether you only want the quick pre-approval letter or you'd like to add the special VIP status, the starting point is the same. Click the Get Started Online button below to get started. NOTE: If you happen to know your credit score is under 580, please contact me first, before starting that process.
It's totally okay if you're new to this or have questions. We're happy to help! Below you'll find answers to the most common questions about pre-approval. If you'd like to chat before you apply online, you can reach out to me in the chat box below or contact me by phone at 414-617-1756. You can call me any day.
If you’re curious about how the process works and some of the exceptional advantages we offer, let’s explore some Frequently Asked Questions!
Frequently Asked Questions
Q. Why are you the best company for my pre-approval?
Although most buyers assume pre-approvals are basically the same, we actually offer you some huge advantages. We provide you two exceptional benefits --
1. The first benefit we provide is a vast selection of loan programs, the vast majority of which we underwrite in-house. We spend quality time with you to help you understand your options, compare programs, and plan your mortgage with purpose.
2. Even more unique is how we help you with the most important thing -- getting your offer accepted.
Buyer competition is biggest hurdle each and every buyer needs to overcome in Greater Milwaukee (Milwaukee, Waukesha, Ozaukee, Washington, and Racine counties). The housing supply is limited. There are too many buyers for the supply of homes. Many buyers go through months of rejection before they realize the degree of this problem. So this benefit is key.
How do we help get your offer accepted?
In the real estate community, Realtors are wary of banks which tend to be bureaucratic, slow, unreliable in terms of meeting closing dates, and unable to overcome or adjust to problems because they have limited channels.
We are one of the twenty-five largest privately-owned mortgage companies in the country, and our business has grown primarily through word-of-mouth in the real estate community. We’re especially well known by Realtors who are part of the Greater Milwaukee Association of Realtors (GMAR).
Realtors know us for being:
Experts -- we educate over 400 local GMAR Realtors each year through local classes and seminars
Beyond our reputation, speed, and reliability, we offer a special program specifically designed to help get your offer accepted ---
Our VIP FasTrac program gives you a special status. It gives several assurances to the seller which makes you more attractive as a buyer. This will set you apart from other buyers. It’s the next best thing to a cash offer. More on this below.
Does that sound good? We will guide you through these benefits once you get started.
Whether you simply want a quick pre-approval letter or also the special status with our VIP FasTrac program, the starting point is the same. Continue to this link to: Get Started Online
Q. I have really bad credit. Can you help me?
Credit is important when applying for any loan, especially a mortgage! We have some programs that go down to 580 credit score, which is considered a very low score. However, a score below 620 generally requires an overall profile that makes sense. That generally includes a good payment record for the last 12 months, low ratio of expenses compared to income, and some assets). If you happen to know your credit score is under 580, please contact me first, before starting the process.
Another way to think of it is this: Does it make sense for a company to lend money to you? If someone has a poor recent payment track record and few assets, how could a mortgage company reasonably expect to receive the additional expense of a mortgage repayment?
Q. Can I get my pre-approval completely online?
Yes. We typically complete the pre-approval the same day or next day when you start online. If we're able to pre-approve you, we will send you a pre-approval letter. Just go to our Get Started Online portal. You'll be guided through the process step-by-step. NOTE: If you happen to know your credit score is under 580, please contact me first, before starting that process.
Q. Can I meet with you in person for my pre-approval?
Yes. Call Greg at 414-617-1756. We can find a time to meet together at our office at 1033 N Mayfair Rd, Suite 100, Wauwatosa, WI. Some people prefer to complete the process online. Some prefer to meet in person. We'll welcome you either way!
Q. What documents do I need to get pre-approved?
While it can vary depending on the situation, we typically ask for a pay stub and bank statement. That's what we typically need just for the pre-approval. If you wish to continue beyond pre-approval in our VIP FasTrac program, we'll request additional documents.
For buyers with self-employment income, we'll need additional documentation (including two year's tax returns).
Q. Will I receive a pre-approval letter?
Yes, if we're able to complete the pre-approval, we will send you a pre-approval letter. Typically we can do this the same day or next day.
Sound good? Continue to, Get Started Online.
If you continue beyond the pre-approval in our VIP FasTrac program, you will also receive a Conditional Loan Approval*. It's a more rigorous process. It gives more confidence and assurance to the seller. We also provide a special VIP FasTrac letter in additional to the pre-approval letter to explain the program to the seller. Beyond that, Greg Schliesmann typically makes a personal phone call to the seller's agent to explain your special status as a buyer. All of this helps to get your offer accepted.
Whether you simply want a pre-approval letter or special status in our VIP FasTrac program, continue to Get Started Online.
Q. What's the charge/cost to get pre-approved?
It's free! There is no cost, no obligation. Most buyers we pre-approve choose to work with us on their mortgage because they like the benefits we offer and enjoy our relationship. But there is no cost and no obligation!
Sound good? Click here to Get Started Online.
Q. When should I be pre-approved?
A pre-approval is good for closing within four months. After that, it needs to be renewed. The sooner you get in touch, the better. This gives you chance to become more prepared.
On the other hand, some buyers only contact us after they find a home. Although this reduces benefits of early preparation, we're happy to help you quickly if you already found a home!
Q. How long do I need to get pre-approved?
We can typically do most pre-approvals on the same day or next day. This involves sending you a pre-approval letter. That’s stage one.
However, we also offer buyers a special status beyond pre-approval that sets them apart from other buyers. This is an advanced underwriting approval. It’s very special and unique. That’s stage two.
Let’s start with the normal pre-approval. Then we can discuss the special status. Once you have the special status, you can offer the seller more confidence, evidence of underwriting approval, shorter contingency timelines, and a faster closing. This helps to stand out from other buyers and get your offer accepted.
Q. "Special status" beyond pre-approval? What’s VIP FasTrac?
In addition to a normal pre-approval (which we typically provide on the same or next day), we offer a special status. It’s called a conditional loan approval*. This involves the actual underwriting process. It’s more rigorous. This allows you to provide evidence of an actual underwriting approval to the seller. This is our VIP FasTrac program. It's engineered to help get your offer accepted!
This is exceptionally unique because it involves the actual underwriting process before you find a home. We commit several staff members across various departments to secure your conditional loan approval. Very few, if any, other lenders in the area offer a program like this. It's a huge investment we make in you as the buyer.
Q. Why do sellers like the special status of buyers in our VIP FasTrac program?
Sellers (and their agents) love our VIP FasTrac buyers because they receive the confidence of knowing the buyer has already undergone the underwriting process. This process is more rigorous. By completing it before you find a home, there’s little left to do once you find a home.
Typically we simply need items related to the property itself – such as the appraisal and homeowner’s insurance. This allows us to focus on quality time discussions to plan your mortgage once your offer is accepted. Very different than the typical process of constantly jumping through hoops until the last day!
So sellers like this special status because:
They have more confidence in the buyer (because the buyer's loan is already underwritten)
The buyer shows more preparation and commitment than the crowd of buyers who tend to be merely pre-approved
The buyer can provide shorter contingencies. That means the seller doesn’t have to wait so long to know everything is okay. Most buyers offer finance contingencies of 25-30 days. That means the seller is in suspense for 25-30 days. Our FasTrac buyers typically offer 14 days.
Faster closing. Most buyers need 45-60 days to close. Our FasTrac buyers can typically close within 18 days.
This program is designed to help you get your offer accepted.
Sound good? Whether you simply want a pre-approval letter or the extra benefit of our VIP FasTrac program, the starting point is the same. Get Started Online.
Q. Is there an extra charge for the VIP FasTrac program?
The program is free. No extra charge!
There are two catches:
(1) It's a more rigorous process, so you'll have more homework beyond just the pre-approval, and
(2) It takes longer. The pre-approval is often done on the same day you apply. The VIP FasTrac approval typically takes two weeks. However, if you find a home before the VIP FasTrac approval is done, you still have the original pre-approval letter and the progress you've already made working toward the VIP FasTrac approval.
Ultimately, there's no drawback. Most buyers start out with a quick pre-approval and then subsequently progress to VIP FasTrac status. The starting point is the same. Continue to Get Started Online.
If you're more comfortable, feel free to call Greg Schliesmann directly at 414-617-1756.
Q. What’s the pre-approval process?
The entire loan process at Cherry Creek Mortgage begins with one important step: a conversation. Mortgages are never a one-size-fits- all situation. By taking the time to review your big financial picture and goals, we can choose the best path forward with confidence.
There are two ways to get the conversation started:
(a) Get started online, or
(b) Call Greg Schliesmann at 414-617-1756
Basic documentation: If you're employed, we'll typically need pay stubs and bank statements. If you're self-employed, we'll need additional documentation.
Credit report. We'll pull this with the information you provide. You don't need to do anything. We'll review it with you if there are any problems.
Review Loan Options: We'll review your options and help you pick the best program for your circumstances. This helps you to know exactly what to expect for before you make any purchase offers on homes for sale in your market.
Pre-Approval Letter. At this point we will give you a pre-approval letter that proves to a seller you are qualified to buy their home.
All of that typically happens within one-day.
Q. What happens after the pre-approval?
After this stage, the rest depends on finding a home and getting your offer accepted. Once your offer is accepted, we go through the underwriting process and order an appraisal.
Our VIP FasTrac program flips around these next steps. On the FasTrac program, we take buyers into the underwriting process before they find a home. They receive a special approval letter to provide to the seller to show their loan is already underwriting approved. This helps get your offer accepted.
These buyers can typically close in about half the time, once their offer is accepted! You can start out with normal pre-approval, but let's discuss the possibility of participating as a VIP FasTrac buyer. Sellers love our VIP FasTrac buyers because of the extra speed and confidence they offer.
Whether you only want a pre-approval letter or also want to add the special status of our VIP FasTrac program, the starting point for you is the same. Continue to Get Started Online.
If you prefer to start offline, you can call Greg Schliesmann directly at 414-617-1756.
NOTE: If you happen to know your credit score is under 580, please contact me first, before starting that process.
We look forward to working with you!!
*To receive a Conditional Loan Approval, a buyer’s income, assets, employment, and credit history must be reviewed by an underwriter and cleared as acceptable based on the program guidelines for the mortgage product the borrower requests. AUS findings must also meet the guideline requirements for the requested loan program and transaction. This pamphlet is not an offer for extension of credit or a commitment to lend. All loan programs, terms, and conditions are subject to change without notice.