Underwriting is the process of someone verifying your assets in order for you to be approved for a loan. This step in the process is what gets you approved for a loan, so read up to learn how you can speed it up to get into your new home by the closing date!
The documents requested vary based on the loan, but typically it involves tax returns, W-2’s, bank statements and pay stubs. Although, be prepared for miscellaneous things to possibly come up, and try to get any documentation back to the underwriter as soon as possible. If everything goes smoothly, underwriting can be done in as little as one to three days.
As previously referenced, you should plan on knowing where all recent deposits or transactions came from or went to. You may know precisely all deposits or transactions in your account, but your underwriter does not. This will make their life easier while simultaneously speeding up the process of getting you into your home. Plan on keeping your phone on you during all times of the day during the underwriting process. It is best to be readily available at all times, and it will be done quickly if you are able to do so.
If you’re in the process of having your loan approved by your loan officer and underwriters, or if you’re looking for a loan officer, keep these things in mind to be in your new home by closing date!