Applying for a Mortgage? Know This First

When a mortgage lender reviews a borrower's mortgage application and the house used as security, the process is called underwriting.

Desktop underwriting refers to computerized systems that allow loan officers give preliminary approvals and, if new information is supplied and reviewed, propose final approval or rejection.

Desktop underwriting is faster and more fair than human review. When seeking a mortgage, consult a financial counselor.

Mortgage lenders utilize underwriting to decide whether to accept a loan. It begins with loan applications.

Income, assets, obligations, and credit history. Underwriters add data like the home's assessed value and check borrower information.

If the program denies the loan request, the borrower and loan officer may fill in missing information, amend typos, or change the application to get approval.

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