REAL ESTATE UNDERWRITERS | 32819 | 32836 | Dr. Phillips

REAL ESTATE UNDERWRITERS

Real estate underwriters play a crucial role in the home buying process, particularly in assessing the risk associated with lending money to a borrower. Here are the primary duties of real estate underwriters when it comes to purchasing a home. They review all documents received from the loan processor. Typically the application to ensured all necessary information is provided. Verify that buyers are credit worthiness by reviewing purchaser credit report to include payment history, credit scores and outstanding debts to determine risk of lending. They also verify employment and income buy requesting pay stubs, tax returns and employment verification to ensure borrower can afford mortgage payments.

They evaluate assets to include bank statements, investment accounts to ensure you have funds to cover closing cost, down payment and other necessary costs. The appraisal and survey is an upfront cost to the homebuyer. There are compliance guidelines to ensure the loan complies with both lender, government regulations and federal guidelines.

Based on underwriters analysis they make one of three decisions, approve the loan, deny the loan or issue a conditional approval requiring additional documentation. Between all parties, buyers, loan officer and realtor explaining any additional requirements that need to be met. Upon final review before closing, underwriters perform the final review states to ensure all is in order for a clear to close with a prior pre-approval. Click on link for first time buying to learn more /First-Time-Buying---32819---32836---Dr--Phillips-6-18645.html

APPLICATION DENIAL

Application denial can occur for various reasons, understanding these reasons can help borrower improve their chances of approval in the future. Here are some common reasons for application denial. Down payment requirements not met in a timely manner. Low credit score indicates borrower is a high risk to lender, high debt to income ratio meaning debt payments do not exceed a certain pertain percentage of borrower's income. Insufficient income may lead to lack of steady income that does not meet lender's requirements, along with an unstable employment history. This results in frequent job changes and gaps in employments. Provided you are a contractor you file will be looked at even harder. Any inaccurate information can also lead to an automatic denial.

Negative credit history of late payments, bankruptcies, foreclosures can easily diminish your chances of being approved. Low appraisal or issues identified with a home inspection not properly negotiated can also lead to a denial. Some buyers may not qualify for some types of loans due to a financial situation or nature of the property they are purchasing. And lastly lack of reserves in some cases can be an application denial. Bed mattress money will not work, money has to be seasoned in the back for at least 60-120 days. Your trusted advisor should have a pocket full of great lenders.

TRUSTED ADVISOR

As a trusted advisor, professional realtor and military veteran I am here to serve you in the Dr. Phillips and Central Florida housing market for the sale or purchase of your home. In the absence of trustworthy and up to date information whether it's a housing crisis or local housing market, real estate decisions are increasingly driven by fear, doubt and uncertainty. We as trusted advisors drive the real estate community to ensure you are making the right decision.

Part of my job is to keep you informed and educated about the local housing trends, to include common terms and videos. It is important to keep up to date on the housing market, don't get confused with the media, they talk national data, I can provide the most up to date local area data when it comes to making crucial real estate decisions.

So don't let this shifting housing market delay our dreams, data reveals home values typically appreciate over time and that gives your net worth a nice boost. When you are looking for a realtor, look for your realtor with the heart of a teacher. If you are ready to start your journey, contact Kevin Strawter at 850 496-6412 to begin your new walk in homeownership or closing a chapter in life. Remember I sell experience then I sell a home. Always accepting referrals.