Welcome to my YouTube channel. I’m Phoenix real estate agent John Cunningham with exp Realty, and today we’re going to talk about loan underwriting and full loan approval. And before we get to that, I just wanted to welcome you to my YouTube channel. This is a place if you are beginning the home buying process. This channel can be of great use to you.
And every Thursday? Like clockwork, right here on YouTube. I answer real estate questions, so if you hit that notification bell and the subscribe button. I’ll let you know when my next videos uploaded this coming Thursday.
Hey, I’ve got a bonus for you! At the end of this video, I’m going to talk about a new thing that I’ve just rolled out called the moving kit. It’s designed to save you thousands when you make your next home purchase.
So getting back to loan underwriting and full loan approval. Loan underwriting is the thing that happens when you’ve done everything you’re supposed to do as a consumer, to get your loan ready and your loan officer has done their part.
✍️ Loan Underwriting Process
So you’ve gotten pre-qualified, pre-approved, you’ve gone shopping for homes, you’ve found one, you wrote an offer, you got accepted, you put it in escrow, you gave the loan officer all the stuff they asked for. And now, this loan underwriting person comes along and reviews the whole packet. To make some final decisions for the bank.
Documentation Overcomes Conditions learn about loan approval with conditions here.
They might see some holes in the application and just want you to fill in the blanks with additional information for full loan approval. A good example of that might be if you have a gift letter from a parent,who might be donating a little bit of money towards down payment, you might have.
Um, a check that went through the account six or eight weeks ago. And the underwriter just wants to see the front and back copy of that check. So they can see that it’s legit and not just some random deposit that came from, I don’t know where.
Next Thing to Do?
And now that you’ve done all that, you’ve got the loan underwriting all complete. There’s nothing left to do except sign. But wait, there’s one more thing you’ve got to do. You’ve got to do the final walk through after a full loan approval. Your agent will help arrange that and then you’re going to go on to sign your loan documents.
So my next video is all about the final walk through and who attends it? so make sure to check that and back to what I was telling you about moving kit. Moving kit is a great program that I’ve recently developed to help lower the cost to getting into a home. You can get thousands back when you buy a home with me and my team here in Phoenix. I’m John Cunningham with exp Realty. I’ve got a link below to moving kits.
So check that out. Sign up, no cost to you, and it’s going to save you a boat load of money when you buy your next home. In the meantime, thanks for watching this video. See ya.
Preparation For Getting a Home Loan – by Bill Gassett
Why Every Home Buyer Needs A Mortgage Pre-Approval – by Paul Sian
Top 10 Frequently Asked Questions Regarding Mortgages – by Kyle Hiscock
7 Reasons Why Your Offer To Purchase A House Was Rejected – by Xavier De Buck
Why All The Fuss About A Mortgage Pre Approval?! – by Lynn Pineda