Article provided by: The Elite Team Supreme Lending - Branch 614
Nothing supersedes that excellent feeling when your offer gets accepted, contract exchange, completion, and then relocating into your dream home. Although, the entire process involved in getting a mortgage could be problematic and long-drawn, with different challenges to face and overcome.
How Long Does Underwriting Process It Take?
How long it takes varies from one borrower to the other. Some sail through this process issue-free, while some faces snags along the line. An average mortgage underwriting process shouldn't take more than five to eight business days (starting from the time the underwriter receives the file until a conclusion is reached).
A conditional approval might be issued in some cases; which means the borrower needs to resolve an issue or more before the loan is close by the underwriter. In a situation whereby borrowers don't face any challenges of such, the mortgage underwriting process doesn't take long. The underwriting process tends to take longer when an issue arises.
Another factor that may affect the mortgage underwriting process is the efficiency and workload of the underwriter. The best thing to be done as a borrower during this process is to always stay in touch with your loan officer, to immediately resolve any issue that may arise. It prevents or minimizes delays.
Is It Possible To Be Denied a Mortgage Loan After Being Pre-Approved?
You pre-qualify for a loan after the lender realizes you have a unique financial situation. They then throw out a figure they might be willing to lend you - this is a very normal process. The pre-approval process goes deeper – in this process, the lender thoroughly verifies your income, credit score, etc.
Getting pre-approved for a mortgage loan has a series of benefits which include;
- Helping you identify any problems you have in terms of mortgage approval.
- Helping you get a real estate agent, as most real estate agent doesn't work with buyers who are yet to be pre-approved.
- Limiting your house-hunting process to the ones you can afford.
- Allowing sellers and their real estate agents more inclined to take you seriously.
The pre-approval process is almost like the final approval, as they overlap in many ways. After getting pre-approval from a mortgage bank, they then go about collating several financial documents. You'll be instructed to fill out a mortgage application, show verification of income, and also provide your tax records for over a specific period. Your credit score will also be checked to know if you meet the mortgage loan minimum requirement.
The outcome of this thorough research will determine the size of the loan you qualified for. An interest rate might also be quoted, but sometimes not at this stage. Few days after your application submission, the mortgage bank will provide you with a Good Faith Estimate. This document gives you an insight of what your closing costs will look like.
But the pre-approval doesn't guarantee that you'll get the loan. Therefore, there are possibilities to be denied a mortgage even after you've been pre-approved. Simply because the lender will recheck many of those financial requirements as the closing day draws nearer.
Not until the time you close the deal, several issues can derail the process. Our team of professional Mortgage Bankers in Colleyville is ready to educate, inform, and also assist you throughout your application and across each stage.Mortgage Banker Colleyville
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