Based on the information you've provided your mortgage consultant, the underwriter review determines whether your mortgage is approved or denied.
Once your application and required documentation have moved into the underwriting phase of the mortgage process, the underwriter will verify that your file information conforms to the guidelines and qualifications of the mortgage program you've chosen.
The underwriter will review your employment history, previous debt and credit histories, and the property's title and appraisal information—risk analysis to determine if you qualify for a mortgage loan. If additional information is required by the underwriter, your mortgage processor will contact you as soon as possible.
When your mortgage application is approved, the underwriter sets "prior to closing" conditions, which are conditions that must be satisfied in order to generate the mortgage documents that will be sent to you to complete prior to closing on your new home.
A mortgage application can be denied if conditions in your mortgage file do not meet established underwriting guidelines, determining that lending money to you is too great a "risk." The underwriter may require you to make some changes before approving you for a loan, or you may need to re-apply for a loan after making the changes required.
Your mortgage consultant will keep you informed of the status of your mortgage while the file is in underwriting. Whether your application is approved or denied, we will continue to work with you to find the mortgage program that best suits your requirements as a savvy home buyer.
Complete Homebuyer's Mortgage Guide
Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.