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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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Loan Time Lines – What is Underwriting Timeline

The process of buying a home can be a long and lengthy process and most real estate professionals like to place the blame on the underwriter.  I personally think it is because the underwriter is kind of like the Wizard in the Wizard of OZ.  They sit where none of us have access to them, they look at everything with a magnifying glass, they ultimately make the decisions of what you will need to close the loan. The underwriter will notify your lender of additional information needed, and so much more…

Underwriting time lines depend on so many different pieces of the loan puzzle.  Government loans, local programs, conventional loans all have different underwriting policies and guidelines.  The underwriter has to make sure everything follows the guide lines of the loan program you are applying for.  Although the underwriter generally gets the blame for almost everything on the frustrating side of real estate (the appraiser is the other guy we all tend to blame) they are the ones that are also protecting you and the bank loaning you the money.

If the underwriter let you borrow more money than you can afford they have not only put the bank in a position of another bad loan, but they have set you the buyer up for failure.  Knowing that the underwriter is doing everything they can to make sure your loan is processed and follows the guidelines of the loan program will in the long run give you a smoother closing at the end of the day.

Additional Ask The Mortgage Professional Articles

Looking for a mortgage professional? I would encourage you to contact;

Jason or James – your Home Loan Ninjas at 503.799.4112 or you can visit their website and see more info about mortgages and what you should expect.

Posted in: General Real Estate Tagged: home loan, loan guidelines, underwriting

Comments

  1. Ron Tedwater says

    November 12, 2010 at 7:23 pm

    Really nice post,thank you

    Reply

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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