Avoiding Delays to Branford Underwriting: Application, Transparency

There are a few important processes that will almost always take place during any kind of mortgage acquisition and home purchase, and one of these is known as underwriting. Typically taking place in the month or so before your purchase is set to take place, underwriting involves a full review of finances and some related elements to ensure everything is in order — and there are a few things that may delay this process in some cases.

At Primary Residential Mortgage, we’re proud to offer a wide variety of home loans to our Branford and nearby clients, plus assistance with the entire process. What exactly is underwriting, and what are some things you can do to do avoid any delays and help this process move along expediently? Here’s a basic primer.

What is Mortgage Underwriting?

For those who haven’t been through the home loan process before, underwriting may sound like a complicated and unnecessary step — but it’s actually quite important. This is the process by which loan officers review all submitted documentation to determine whether or not an applicant qualifies for a given mortgage, and it’s also when they’ll evaluate what kind of risk is involved in approving the loan.

Underwriting is also when the loan officer will calculate the maximum loan amount they’re willing to extend, based on things like credit score, employment history, and your current debt-to-income ratio. In some cases, they may request additional documentation or clarification on certain items — and if everything looks good, they’ll give their final approval and the loan can move forward.

There are a few different things that can cause delays during underwriting, from simple oversights to more complicated financial issues. Our next several sections will go over how you can position yourself to avoid any such delays.

Fully Complete Application

When you’re filling out and submitting your loan application, it’s important to be as complete and accurate as possible. This not only gives your loan officer the best chance to understand your current financial situation, but it also helps them determine if you’re eligible for certain programs or discounts. Incomplete applications will almost always cause delays in underwriting, so be sure to take your time and get everything right.

Be Completely Transparent

Another thing to keep in mind is that your loan officer needs to have a complete picture of your financial situation — and that means being completely transparent about things like your income, debts, and assets. Trying to hide anything from your loan officer will only cause delays down the road, so it’s always best to be upfront about everything from the start.

In part two of our series, we’ll go over some further ways to ensure your underwriting process doesn’t get delayed during a home purchase. For more on this, or to learn about any of our mortgage rates or home loan programs in Branford, speak to our team at Primary Residential Mortgage today.

*PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Opinions expressed are solely my own and do not express the views of my employer.