I'm waiting to hear if I am approved for a home mortgage by the back of the week.?
I know the final approval will come after the appraisal. Is it possible that my credit and background checked out and now the guard is going to see if the loan amount is worth the house?
Answers:
THe loan is in underwriting in a minute, it sounds like this is the first underwriting conclusion, so right now the underwriter is verifying that everything submitted to them match the terms of the preapproval or automated underwriting findings. When you attain teh approval tomorrow if everything checked out they will just need the appraisal to verify the flea market value and loan to value ratio, if they still hold questions about what be submitted they may ask for more info or docs to clarify. Don't fret, as long as the application taken was truthful and matches what you give your loan officer you'll be fine. Source(s): mortgage broker
Related Questions:
If someone have 80/20 mortgage loan, the home is very soon foreclosed?
what happens to the 20% loan? What kind of loan would it be considered? Recourse or Non-Recourse? It would be full recourse, contained by every state. The borrower still owes that money. The 80% may or...
Answers:
THe loan is in underwriting in a minute, it sounds like this is the first underwriting conclusion, so right now the underwriter is verifying that everything submitted to them match the terms of the preapproval or automated underwriting findings. When you attain teh approval tomorrow if everything checked out they will just need the appraisal to verify the flea market value and loan to value ratio, if they still hold questions about what be submitted they may ask for more info or docs to clarify. Don't fret, as long as the application taken was truthful and matches what you give your loan officer you'll be fine. Source(s): mortgage broker
Related Questions:
If someone have 80/20 mortgage loan, the home is very soon foreclosed?
what happens to the 20% loan? What kind of loan would it be considered? Recourse or Non-Recourse? It would be full recourse, contained by every state. The borrower still owes that money. The 80% may or...