Platinum Credit Approval

what is a Platinum Credit Approval?

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!

Waterstone Platinum Credit Approval

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.

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How and where do I apply for the Platinum Credit Approval?

If you have a Waterstone Mortgage loan originator, you can simply ask about getting a Platinum Credit Approval (PCA) before you start home shopping. If not, you can find a WMC loan originator who is local to you. Either way, you can begin the PCA process by completing and submitting your loan application. From there, your loan originator will walk you through the steps of receiving a PCA. 

What documents are required for a Platinum Credit Approval?

After you complete and submit your mortgage application, your loan originator will walk you through all the specific documents needed to obtain a PCA. A few of these may include:

  • Copy of your driver’s license 
  • Last 2 years of W2 statements from your employer 
  • Last 30 days of pay stubs 
  • Last 2 months of checking account statements — all pages 
  • Last quarter (3 months) of stocks/bonds/mutual funds/401K — all pages 
  • Name and phone number of your landlord to verify rental payments, if applicable 
  • Divorce decree or court order defining alimony or child support payments, if applicable 
  • College transcripts (if you graduated within the last 2 years) 

If you currently own a property, you will also be asked to provide:

  • Mortgage statement
  • Tax bill
  • Homeowners insurance policy

If you are self-employed, you must also provide:

  • Last 12-24 months of profit and loss statements
How long does it take to receive a Platinum Credit Approval?

After you have completed your loan application and submitted the documents requested by our team, our processing and underwriting experts will review and process your paperwork within a few business days. Most PCAs are received 4-5 business days after all documentation has been submitted. 


Does a Platinum Credit Approval cost more?

No, there is no additional cost for obtaining a Platinum Credit Approval over a basic pre-approval. 

Is a down payment required to qualify for a Platinum Credit Approval?

A down payment is not needed to qualify for a PCA. However, the home loan you decide on may require a down payment — it depends on which type you choose. Your WMC loan originator can walk you through all your options; we have many no-down-payment and low-down-payment loan programs.

How exactly does Lock & Shop work?

Lock & Shop protects homebuyers in markets where interest rates are rising or fluctuating. After you receive your PCA, you’ll lock in your interest rate. You can choose either a 60-day rate lock or a 90-day rate lock.

If you opt for 60 days, you will have 30 days to shop for a home. If you choose the 90-day option, you’ll have 60 days to find a home. The extra 30 days at the end of the rate lock period helps you avoid any extension fees and gives our team time to process things on the back end.

Even if interest rates rise during your rate lock period, your interest rate will remain the same — so you can focus on finding a home you love without rushing to fit a very restrictive timeline.
How long is a Platinum Credit Approval good for?
The timeline for PCA varies, depending on factors such as when your first credit documents were approved and when they expire. Because a PCA varies on a case-by-case basis, it's important to keep in touch with your lender. Your Waterstone Mortgage loan originator can provide an exact expiration date for your PCA, and help you re-apply for a PCA if the need arises.
How does an appraisal work and how is the home's value determined?

A home appraisal is a thorough inspection of the home you’re buying (conducted by a licensed professional) to determine its value. Your Waterstone Mortgage loan originator will order the appraisal after your offer has been accepted by the property’s seller. The appraiser looks primarily at the condition of the home — and the value of comparable properties in that area — to determine the home’s value.  

What type of insurance coverage is required?

Homeowners insurance is not required by law; however, it is required by most lenders. Homeowners insurance covers damage to the home, both internal and external. It also covers liability if someone is injured while on your property.

A Platinum Credit Approval 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 an 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. Waterstone Mortgage is not obligated to close and fund a loan unless all terms and conditions of the pre-approval have been met. Once a property is selected, Waterstone Mortgage must order and receive a satisfactory flood zone determination, property appraisal, and a satisfactory private mortgage insurance certification, if required. Waterstone Mortgage reserves the right to cancel a pre-approval in the event of any material misrepresentation in the customer's application, in the event of an adverse change in the customer's credit history, employment, income, assets, debt, or other factors affecting their financial status, or if the above requirements are not satisfied.