The Underwriting Process
Underwriting involves the process of lenders verifying your assets in order to approve you for a loan. This step in the process is crucial in going through with your loan speedily, so read up to learn what may be required of you during this time.
While the documents requested vary based on the loan, typically it involves tax returns, W-2’s, bank statements and pay stubs. Open communication is key here, so make sure that you are available and responsive during this time. If everything goes smoothly, underwriting can be done in as little as three days.
Additionally, you may need to explain recent deposits or transactions. You may know where a deposit came from or what transaction was made, but your underwriter does not. This will make their life easier and speed up the process of getting into your home as quickly as possible. During the underwriting period, plan on checking your email multiple times a day, every single day. It is best to be readily accessible, and it will be done in a quick amount of time if you are able to do so.
If you’re in the process of having your loan be approved by your loan officer, or if you’re looking for a loan officer, keep these things in mind to be in your new home as quickly as possible!