Now that you have secured a loan, you’ve probably noticed the word “underwriting” being used quite a bit. But what does that even mean? This video is dedicated to helping you understand an underwriting does and what this process means to you as the home buyer.
So, at this point in the process, your lender has compiled information on both you and the property and they have sent that information to a bank for you loan will be approved. It is the responsibility of the lender and their team to go through all of this information and make sure that everything is up to date and accurate.
In other words, the underwriters job is to make sure that your information meets the standards required by the loan.
There may be several requirement asked of you during the underwriting process. After the underwriter has completed their end of the job, they will send back the papers with a list of conditions you will need to comply with. You might be asked to submit extra information or letters of explanation. Don’t stress out about these minor steps. Just get the needed paperwork to the underwriter as quickly as possible and the process will continue.
After everything has been submitted, the underwriter will notify your agent that you are clear to close…and those are three VERY exciting words to hear!
If you have any questions about the underwriting process, do no hesitate to reach out to us.
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