Step 3. Undewriting
Getting that Stamp of Approval
Once you have found a house you like, made an offer and been pre-approved for a mortgage, you might think you are home free. However, you still have an important hurdle to clear: working with an underwriter and getting through the loan underwriting process.So what is an underwriter and what can you expect from the process? No lender funds or closes on a loan without the approval of an underwriter. Sometimes their job is to simply check over the figures, make sure all paperwork is in order and give their approval. Other times, they must look over all of the paperwork and make a sound decision based on their experience and good judgment.