I just spoke with out banker on our home loan.It is in final underwriting and should be complete by week's end. We have already gotten the approval and our banker says we are fine,meaning approved. But,what exactly is "final underwriting"? I thought there was only one approval.
2007-11-06 09:50:00 · 4 answers · asked by marie 2 in Business & Finance ➔ Renting & Real Estate
Let me start by asking you a question....have you signed your loan documents yet? If you have, then "final underwriting" will consist of the lender checking the docs for errors and to double check that all prior loan conditions have been met. For example, they (the lender) may need an updated pay-stub or an updated bank statement.
If you have not signed your loan documents, it's possible to have an underwritten approval from your Loan Officer/Broker but the lender they are sending the loan to needs to issue the final approval.
Are you working with a broker or a direct lender? Don't be scared to ask the person you're working with for answers. They are there to serve you and should have your best interest in mind.
Let me know if you have any other questions regarding the financing of your home. This is the largest investment you'll make in your life and you need to be 100% satisfied the you're not being taken advantage of.
All the best!
Ryan Smith
2007-11-06 10:05:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Final Underwriting
2016-11-07 07:25:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Most lenders will go through a last minute final check to insure that nothing has changed for you financially from when you initially were approved. They will run another credit report, and verify continued employment as stated in your application. If nothing changed for you, there should be no issue.
2007-11-06 09:54:52 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Finance jargon for review of all submitted documents.
2007-11-06 09:53:28 · answer #4 · answered by sunshine 3 · 0⤊ 0⤋