What Is Mortgage Underwriting

One hand holding a pen and writing on paper with an iPad on his side with a white calculator, and another hand with a watch on his left hand while fixing the documents on the clipboard

Mortgage underwriting is a process lenders use to assess risk before agreeing to approve a loan. The underwriting process verifies that the borrower’s property and the documentation all meet the lender’s requirements for the requested mortgage. A lender’s underwriter will typically verify the borrower’s income and check their credit score with the major credit bureaus.

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The underwriter may request additional information on any items that stand out during this review. An appraisal is typically ordered to determine the true value and condition of the collateral property. The history of the property’s past ownership is also researched to ensure that there are no unpaid liens and to verify the current ownership of the property. Always respond promptly and honestly to any requests from your lender’s underwriter, since the underwriter makes the final decision on whether to approve or decline a loan.

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Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*

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*Agardi Team and the seller have to agree on the price and the closing date.

Call Us @ 718-755-2882
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