What Is Underwriting?
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What Does An Underwriter Do?
Hanna Kielar focuses on personal finance, automobiles, and personal loans as a Section Editor for Rocket AutoTM, RocketHQTM, and Rocket Loans®. She has a B. A. in Professional Writing from Michigan State University.
FAQ
Does underwriting mean loan is approved?
Before deciding to approve your mortgage application, a bank, credit union, or mortgage lender will conduct mortgage underwriting to ascertain whether you are likely to be able to repay a home loan.
Can an underwriter deny a loan?
An underwriter may reject your mortgage loan for a variety of reasons, including low income, an unsatisfactory credit history, or a recent change in employment. Try approaching a smaller lender or resolving the issues that initially led to the denial if an underwriter rejects your mortgage loan.
How long will my loan be in underwriting?
Depending on your situation and the lender’s, underwriting could take a few days to a few weeks to finish.
Read More :
https://www.rocketmortgage.com/learn/what-is-underwriting
https://www.usbank.com/home-loans/mortgage/first-time-home-buyers/mortgage-underwriting-process.html