LAW OFFICE OF BRYAN McENTEE

                                                                                                                                                                                                         

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UNDERWRITING

Once all the required documentation has been submitted it will be reviewed by the underwriter. The underwriter has the authority to approve or reject you for the loan. Lenders have certain guidelines for who they will and will not lend money to. Sometimes even individuals who have been pre-approved for a mortgage may be rejected once their financial documents have been looked at closer. Their income may be too low, ratio of debt to income may be too high, the person may already have too much debt, the credit score could be too low, or the person could otherwise be a bad credit risk. Lenders want to make sure you can make the monthly mortgage payments, have a good credit history and have collateral for the loan.

If not rejected, many borrowers are given conditional approval at this point. This means that they are tentatively approved pending the satisfaction of certain conditions. If the issues are minor and can be resolved in a short period of time then the mortgage can move along in the approval process. Some lucky borrowers go through this stage without any issues.

After the Underwriter has approved you for a mortgage, it is now CLEAR TO CLOSE.

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The information on this Law Office of Bryan McEntee Website is for general information purposes only. Nothing on this or associated pages, documents,  comments, answers,  e-mails, or other communications should be taken as legal advice for any individual case or situation. Information on this website is not intended to create, and receipt or viewing of this information does not constitute or create, an attorney-client relationship. There is no Attorney-Client relationship created without a signed retainer agreement.  Attorney cannot  guarantee any particular outcome. Client is responsible for paying all costs and expenses.  

Waterbury photographs of the Clock Tower at Union Station and Carrie Welton Fountain copyright Daniel M. Lynch. Used with Permission.

 

                                                                             

                                                            

 

 



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LAW OFFICE OF BRYAN MCENTEE

         19 Mitchell Ave, 2nd Floor
            Waterbury, CT 06710

           Phone: (203) 982-8396
               Fax: (203) 413-2925