{"id":1160,"date":"2021-11-01T13:12:48","date_gmt":"2021-11-01T13:12:48","guid":{"rendered":"http:\/\/www.mikeclover.com\/blog\/?p=1160"},"modified":"2021-11-01T13:12:48","modified_gmt":"2021-11-01T13:12:48","slug":"what-is-underwriting-and-why-cant-you-skip-it","status":"publish","type":"post","link":"https:\/\/www.mikeclover.com\/blog\/2021\/11\/01\/what-is-underwriting-and-why-cant-you-skip-it\/","title":{"rendered":"What is underwriting, and why can\u2019t you skip it?"},"content":{"rendered":"

\"Couple<\/a><\/p>\n

Mortgage loan underwriting is a necessary and required step in getting a mortgage loan, but it doesn\u2019t have to be an ordeal. And, while many believe it can take more than a week to complete, that isn\u2019t necessary either.<\/p>\n

Underwriting is the process by which lenders determine whether or not to grant a loan, based on a borrower\u2019s history and current financial status.<\/p>\n

Using the information provided by the borrower, the underwriter verifies everything. That includes the borrower\u2019s assets, liabilities, credit scores, and income. They also look at bank statements and past tax returns. If you have a large or unusual deposit, they want to know where it came from.<\/p>\n

The underwriter\u2019s job is to determine whether lending to you is a good risk. Even then, your loan will be conditionally approved pending a last-minute check just prior to closing. The last-minute check is to make sure you haven\u2019t quit your job or made a substantial credit purchase that would change your debt to income ratios.<\/p>\n

Underwriting can be a trial or a breeze, depending upon the borrower\u2019s choices.<\/p>\n

Underwriting doesn\u2019t have to be a nightmare, if you do two things right:<\/strong><\/p>\n