What to look for in a lender?
When you shop for a mortgage, you’ve got a lot to think about. How much can you afford? If you’re buying a house, where do you want to live? If you’re looking to refinance, what are your goals?
Another key consideration should be who handles your mortgage. It can be tempting to look at the lender with the lowest overall rate. Advertised rates themselves…
Does the home always go to the high bidder?
There’s no secret that it’s an extremely competitive real estate environment out there right now if you’re looking to buy a home. Supply is extremely tight. In the market for existing homes, which accounts for about 90% of the overall housing market according to CNBC, if sales continue at their current rate, there are only 4.3 months’ wort…
Mortgage Underwriting
Once your loan is submitted for initial underwriting, all of your income, asset and credit documents will be analyzed and an underwriter may ask for some clarifications or additional supporting documents.
Often, the first underwriter you encounter isn’t even human. It’s automated underwriting software or AUS. It analyzes your application and delivers a…