What does it mean when the bank says "your loan is being underwritten today"? thanks, k

Asked by Kc Czech, Tucson, AZ Thu Jun 23, 2011

Working our way through the VA loan process.

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Sally Grenier, Agent, Boulder, CO
Thu Jun 23, 2011
Underwriting essentially means they are reviewing everything -- your loan application, financial info, the contract, insurance, HOA info, title, etc. to assess your eligibility for the loan and whether they want to loan to you for this particular property. They may come back with a list of items they need -- i.e. updated bank statements, most recent pay stubs, another tax return, etc. Sometimes they come back with nothing and give you final loan approval. Sometimes you have to go back and forth a couple times. Either way...it's a good thing. One step closer to loan approval. Good luck!
Web Reference:  http://www.sallygrenier.com
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Don Tepper, Agent, Burke, VA
Thu Jun 23, 2011
That's good.

As Sally explained, that means they're reviewing your entire loan application. Typically that's done by an "underwriter." He or she goes through the application and makes sure everything is OK. Usually the underwriter will come back with a few questions. Don't panic. Just comply with what they want. It might be a more recent copy of your pay stub, for instance. Or a more recent bank statement. Things like that.

After everything is assembled and updated, the underwriter makes a decision about whether the bank will underwrite--or fund--your loan.

Good luck.
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