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.
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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.