When it comes to getting approved for a home loan, pre-approvals just aren't that accurate. For this reason, Christian does a full underwriting approval. The difference?...An underwriter gives the approval rather than a loan officer. Did you know that with a preapproval the underwriter doesn't actually review anything?
Christian will have a few questions here such as; Where do you work? What is your current income? How is your credit? Please be as detailed as you can be. This will help to avoid questions coming up later.
Sometimes there can be a difference with what your qualifying income is and what your paystub shows. After step 1, Christian will provide you with an accurate list of any items you'll need for an approval. Items on this list may include Paystubs, W2's, Tax Returns, Bank Statements, Etc.
This is the most important step of all. An approval isn't really accurate unless everything is reviewed by an underwriter. The underwriter is the person who makes the decision as to whether or not you qualify. They will review all information gathered in step 1 and 2 and issue a conditional approval. Most lenders do not take this step but you really aren't approved unless an underwriter says you are!
When an underwriter issues an approval they will give a list of conditions that must be satisfied in order to go to closing. If the underwriter has any questions about your credit or income we will answer them right away. At this stage, most of the conditions will be property specific such as a Purchase Agreement, an Appraisal, Insurance, etc. We won't worry about those until you have selected a property. After selecting a property, most of our buyers can have a loan clear within 2 weeks.
If you have any questions about the approval process you are always welcome to contact Christian. Remember! Not all approvals are the same, get a full underwriting approval.