Posted on: 04th Sep, 2012 12:42 am
We have been pre-approved through manual underwriting, picked our house, and are under contract. We are now going through all of the steps before closing (appraisal, underwriting again, etc). I wish there was a way for them to just get it over with. Because our home is new construction, we are supposed to go pick out the carpet and granite for the countertops, but I don't even want to do that because I am so worried that I am getting my hopes up and getting attached to the house and it will all fall through. How do you get through all of the uncertainty? What do you think the chances are that we may be denied after being approved by underwriting once?
Hi Sweetcorn,
You can feel confident after knowing the fact that your credit, income, cash reserves, and employment history are all adequate at this time. Unless it was so, you wouldn't have been able to get pre-approved. I don't think you will face any issues. Don't worry... Things will be fine!!
Thanks,
Jerry
You can feel confident after knowing the fact that your credit, income, cash reserves, and employment history are all adequate at this time. Unless it was so, you wouldn't have been able to get pre-approved. I don't think you will face any issues. Don't worry... Things will be fine!!
Thanks,
Jerry
Hi Sweetcorn,
I agree with what Jerry has said. If you have pre-approved through manual underwriting, then there are high chances that you will qualify for a loan.
I agree with what Jerry has said. If you have pre-approved through manual underwriting, then there are high chances that you will qualify for a loan.
An underwriter is appointed by the lender to evaluate your creditworthiness. After juding your case, if an underwriter feels that you are a suitable candidate for a mortgage loan, then it sends green signal to the lender. Usually, the lender offers you loan after that.