How To Get A Quick Loan Approval From Underwriters? | Keystone Alliance Mortgage

How To Get A Quick Loan Approval From Underwriters? | Keystone Alliance Mortgage

congratulations you've been pre-approved you 
found your dream home and now we're gonna submit   your loan to underwriting i know you're probably 
wondering what is underwriting I thought I was   just gonna come in pick up a check and pay for 
my house unfortunately it doesn't work that way   so what is underwriting what do they do who are 
they can they deny my loan how long does this   process take i'm sure those are all questions 
that are going through your head and also make   sure to stay tuned to the end of this video where 
i'm going to give you some tips to simplify your   underwriting process so what is underwriting 
underwriting is nothing more than merely the bank   assessing your financial risk for this loan so 
if you're looking to purchase a hundred thousand   dollar house or a three hundred thousand dollar 
house the bank is going to make sure that all   of your financial information allows you to make that mortgage payment so us as loan officers and   keystone alliance mortgage are on your team to get you the loan the underwriter is on the bank's loan   is on the bank's team to make sure that you 
are a great financial risk so underwriting is   nothing more than the underwriting assessing your financial situation it's called cia they're going   to address your credit make sure your credit score is high enough for that program make sure there's   no judgments bankruptcies late payments all of 
that they're also going to address your income   does the income is the income sufficient for 
your loan do you really work where you say you   work do you really make 15 an hour per your 
pay stubs do your tax returns match the tax   returns that you've provided the irs and then 
your assets as well do you have enough money to   bring to closing where are you getting that money 
do you have retirement funds do you have savings   is there enough money in your checking account 
and then in general they're also going to make   sure that the collateral you're purchasing is 
sufficient for the bank so if you're purchasing   a hundred thousand dollar house and the 
appraisal comes in is the house worth a   hundred thousand dollars they also make sure to 
review the title work which is important to you   is there any judgments liens back to taxes on 
the property and that's all that underwriting is   is making sure that all the stars align for you to 
purchase your dream home now you're wondering well   how long does that process take well the whole 
process in general probably takes anywhere between   21 to 45 days it depends on where in the market 
you are you know how fast you're looking to close   what type of loan you're getting but please note 
that in general the national average is about 53   days so if you're getting it done in about 30 days 
or 45 days that's great and that's about that's   how long the whole process takes the initial 
underwriting part only takes anywhere between   three to five days depending on your lender or who you're working with so you don't have to wait days   or weeks in order to find out that underwriting 
decision once it does go to underwriting   your underwriter is going to give you one 
of three decisions they're going to either   approve your loan which means hey you did a 
great job and everything is completely done   you're clear to close that never really happens 
because you have to get other things in place in   order to get to that point but that's where you 
want to end up option two is they deny your loan   you really don't want that but it happens humans 
make mistake people make mistakes um you know the   borrower doesn't really tell us some things that 
we couldn't foresee so that does happen we'll   get into that shortly and then option three is 
approved with conditions and that is what you get   almost all the time we as your loan officer will 
submit your loan to the bank and the underwriter   will say hey everything looks great i just have 
a few more questions maybe they want one more pay   stub maybe they want another bank statement maybe they want a letter of explanation for something   and then you're always waiting for your appraisal 
your title work and your homeowner's insurance   so those things will be the things that the 
underwriter needs in order to complete your file   after you have collected all of those documents 
then they we will submit it back to underwriting   for you to get the clear to close we're also 
always asked can the underwriter deny my loan   yes you can get denied an underwriting there 
are things that maybe we didn't see maybe the   underwriter sees on their back end or maybe the 
borrower just didn't tell us about for instance   maybe there's a bankruptcy or a foreclosure on 
a property that we didn't know about so yes your   loan unfortunately can get denied in underwriting but i'm going gonna give you some tips so you can   have a smooth sailing process through underwriting tip one please make sure to always be honest with   your loan officer if you only make fifteen dollars 
an hour don't tell your loan officer you make   sixteen dollars an hour if you've only been at 
your job for a year and a half don't tell your   loan officer you've been there for two years 
that is what the bank is going to do they're   going to cross-reference all of your information 
they're going to call the employer they're going   to look at your bank statements so one step one is  always always be honest with your loan officer tip two once you are pre-approved your loan officer 
will request a list of documents from you pay   stubs W-2 social security card your tax returns please make sure to get those items as quickly   as possible that way we can review that and make sure that you are gonna have a seamless process   tip three once your loan is approved with 
conditions the underwriter is going to request a   few more documents another pay stub maybe another bank statement or a letter of explanation for   something the quicker you can get those items to 
us without question will make your underwriting   process incredibly smooth and tip four always 
work with an experienced loan officer preferably   a mortgage broker who has a ton of options for you if you have found this video useful please make   sure to like subscribe and share and if you need 
assistance please make sure to click on the link   below to apply with one of our loan officers or 
you can visit us at you

barby wulff

As found on YouTube

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