We just had our phone interview with Pulte Homes about our loan application about a week ago and today when we did a follow up phone call with them today and they said it is in "underwritting" and they are who we will hear from next. What does that mean? Any help is greatly appreciated.
2007-03-13 15:48:02 · 5 answers · asked by navydave1974 2 in Business & Finance ➔ Renting & Real Estate
Underwriters approve or disapprove a loan looking at the info that you gave them and the information they can get from your social.
2007-03-13 15:57:31 · answer #1 · answered by Carlene W 5 · 0⤊ 0⤋
Your interview was to confirm the information you provided on your application. After that is done, then your application get input into their computer system and certain other documents are obtained and checked. This is called "processing". After all the documentation is collected, it's placed into a file and then this file goes to "underwritting". Underwritting is the process which will qualify and approve your loan with the information provided in your application and certain other documents, like a credit report. If the information doesn't check out or you don't make enough money, then you will be denied credit. If there are any questions about your file, you will be contacted for clarifications.
Good luck!
2007-03-13 16:01:47 · answer #2 · answered by annazzz1966 6 · 0⤊ 0⤋
It means the bank is reviewing it for approval. Once it comes out of underwriting, they will give a list of documents needed prior to close, and they will detail the program (interest rate, term and such) that you have been approved for.
2007-03-13 15:54:23 · answer #3 · answered by moonman 6 · 0⤊ 0⤋
underwriters are the nice folks who approve or disapprove your loan application..good luck
And happy homeownership...
2007-03-13 15:54:06 · answer #4 · answered by momhee 2 · 0⤊ 0⤋
If your not happy with the fee's or rate inwhich you are being quoted let me know!
2007-03-13 17:45:11 · answer #5 · answered by ondreforsure 3 · 0⤊ 0⤋