Underwriting is a mortgage lender’s process of assessing the risk of lending money to you. The bank, credit union or mortgage lender has to determine whether you are able to pay back the home loan before deciding whether to approve your mortgage application, and does this through underwriting.
The underwriter then documents their assessments and weighs various elements of your loan application as a whole to decide whether the risk level is acceptable.
- Lender will need about 6 weeks to collect, review, and verify
- Collect these: former addresses, employers, income, liabilities, assets,