McLean Mortgage Corporation Launches LoanFirst Program

""McLean Mortgage Corporation"":http://www.mcleanmortgage.com/, a full-service mortgage lender headquartered in Fairfax, Virginia, announced the release of a new program designed to help prospective homebuyers and Realtors in a market characterized by low inventory and increased competition from cash bidders.

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McLean's LoanFirst Program allows prospective buyers to make applications for a preapproval mortgage loan before they purchase a home. McLean will not only issue a prequalification based on that application but will actually fully process the credit and income documentation of the borrower so that it can be underwritten by an underwriter and a full preapproval issued.

""Having a certificate based upon a lender's underwriting of the credit, gives a prospective home buyer much more weight with the seller in a competitive bidding situation. This could make the difference between getting the house or losing out,"" said Dave Hershman, director of branch support and creator of LoanFirst.

The preapproval would be subject to a sales contract on a property as well as a satisfactory appraisal and title policy.

""In my experience in the mortgage industry, I have always felt that the average Realtor and homebuyer went about the process backwards by shopping for a home and then applying for a mortgage,"" explained McLean president Nathan Burch.