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Cincinnati Home Buying Tip: Even If All Your Ducks...
Even if all your ducks are in a row...
When you apply for your mortgage pre-approval, understand that it's just the beginning of the paperwork and the watching of your ongoing credit.Once you find a home and write an accepted offer, that's when the mortgage approval process really gets in full swing. During the normal 3 - 4 weeks of having your credit, assets, debts and property appraisal reviewed, there will be times where your mortgage consultant will ask you for additional documentation.You may be thinking to yourself or saying out loud, "Why didn't they ask for this earlier?" or "Why do they need this document?"You need to understand that since the mortgage industry has turned 180 degrees on its head, many changes have been implemented and they continue to happen on a daily basis.What an underwriter didn't need yesterday, they now need today. (An underwriter is the person who reviews your entire loan file and approves or denies it....not your loan officer.)There are other outside forces like the government, Fannie Mae, Freddie Mac, private mortgage insurancecompanies and others, who are causing all of these changes. What paperwork your mortgage consultant may not have needed at the beginning of your ... more
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