Blog Category: approval process

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No Escaping Mortgage Guidelines

There’s no outsmarting or escaping the mortgage guidelines upheld by underwriters, no matter how much income or assets the buyer has. The purpose of the underwriting process is to check the loan applicant’s credit, financial capacity, and the collateral. The underwriter’s main purpose is to make sure everything in the application meets the loan’s guidelines that you are applying for. Whether that be from Fannie Mae, Freddie Mac, FHA or VA. Read More

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When Is A Mortgage Really Approved?

When is an approval really an approval? When is an approval only a conditional approval? Below are the different levels of “loan approval” you can get for a mortgage:

Pre-Qualification:

Pre-qualification is done before you make an offer on a home. It is only a loan officer analysis, and supporting financial documents are not required. Only a review of the applicant’s income and debts are done. Standard methods of determining housing and debt ratios are used. This can help indicate the maximum loan amount for which an applicant would qualify. But it is subject to the satisfactory appraisal, further verifications of income, employment and credit history. This is the lowest form of analysis you can have done.

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