Hey there! Here's another steaming hot episode of the Real Estate Alphabet Soup Series, where we learn more about Real Estate one letter at a time. Wondering how loans get approved? Today we'll learm more about it with our next letter in the series.
U for Underwriting
So you decided to buy a home, either by upgrading or downsizing, or possibly making an income out of it. And you decided to get a loan for the property so that you can get your dream home. Lenders will now check if you are worthy for the loan amount you're targeting, and this process is called underwriting.
After the pre-approval process by your lender, an underwriter will then ensure that you are qualified for the mortgage and would usually include a lot of paperwork. Make sure to be ready for those documents for a smooth transaction! You also want to ask your lender on what you have to expect in the underwriting process to make sure you have everything that you need.
Want to learn more about buying or selling a home and what you need to prepare for? Let's talk -- 703-625-4949 or visit my website at www.RituDesai.com for more information. Let's make your move today!