Home Buying 101: Underwriting
Figure out your needs
Monthly cost of owning a home
Ideal Neighborhood
Financing Your Purchase
The FHA Mortgage
The Conventional Mortgage
The Adjustable Rate Mortgage
Department Of Veterans Affairs Mortgage
Pre-Qualified vs Pre-Approval
Phase 2: Looking
Looking at homes
Types of homes
Single Family Homes
Town Homes
Condominium
Twin Homes
Multi-Family Homes
Types of sellers
Traditional
Short Sale
Foreclosed
Researching A Home’s Public Information
Phase 3: Buying
Making an offer that counts
The Purchase Agreement
Buyer Letter to Seller
Inspections: Why get one?
Radon Testing
Sewer Line Scope Inspection
Fireplace Chimney Inspection
Mechanicals
Phase 4: Closing
Closing Costs Explained
Title Work
Appraisals
Underwriting
Underwriting is part of the mortgage process. The underwriter is the person that looks at the amount of risk involved in issuing the mortgage to the buyer. They take into account all the factors of the buyer as well as the various factors involved with the home itself (via the appraisal). They typically will analyze your credit report, your income statements, and the appraisal of the home. Their determination results in an approval of the loan, or the disapproval of the loan.
Underwriters can be asked to re-evaluate the file if something is amiss. This process can add a few days of delay to the closing date though.