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How the Mortgage Approval Process Works
Manage episode 175132060 series 1315753
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Dan Woodard with Corporate Investors Mortgage Group is here to talk about the mortgage approval process.
Today I’m joined by Dan Woodard with Corporate Investors Mortgage Group to go over the mortgage approval process.
If you're thinking about buying a home, the first thing you need to do is get pre-approved. By doing so, you’ll run into a lot fewer problems when you purchase the house. For example, you as a buyer would have already provided your bank statements, paystubs, etc. for a lender to review and make sure there are no problems in your finances that might come up after the home goes under contract.
Now, there is a difference between getting pre-qualified and pre-approved. A pre-qualification is basically a short conversation between the lender and the borrower in which the borrower provides some information and the lender does some quick calculations. After that, the lender informs the borrower that they are qualified.
The pre-approval is the next step. To get pre-approved, you need to provide the documents that proves the information provided by the borrower was accurate. Completing this step is highly recommended for anyone looking to buy a home.
Once you’ve found a home and made an offer has been accepted, your loan request will go to an underwriter. Once your loan request reaches this point, it will have gone through all the processing necessary to verify it. Whether it’s a clean underwrite or a difficult underwrite will depend on how thorough the processing was done. The underwriter may ask for some follow-up documents if they see something they have a question about, but then they will clear the loan to close.
When going through the loan approval process, make sure you don’t have credit issues, switch jobs, or leave anything out of your file.
There are a few reasons a loan will fall through. Credit issues, changing jobs during the underwriting process, or missing information in a file are the most common. Make sure you have all of those things taken care of before you start the process.
If you have any questions for Dan, you can reach him at (919-676-1111).
As always, if you have any questions for me, please feel free to give me a call or send me an email. I look forward to hearing from you!
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