Can the home loan underwriter reject my application for the loan?

Can the home loan underwriter reject my application for the loan?

Reader question: “My loan officer stated that my application file moved to your underwriter. I’m simply wondering just how much i need to concern yourself with at this point https://speedyloan.net/reviews/maxlend. Can the home loan underwriter reject my application for the loan during this period regarding the process? Or perhaps is a software typically ‘home free’ when it offers been passed away along in this real method? ”

Yes, your loan may be rejected through the underwriting phase. Nonetheless it’s more accurate to express that the underwriter may cause your home loan become refused. He/she probably won’t make the ultimate decision to reject the mortgage. Rather, the underwriter will often pass suggestions along towards the bank or mortgage company. The lending company will then work on those suggestions. Become familiar with all this from your own loan officer, whom functions as your main point of contact.

This is the most confusing areas of the method for house purchasers. That’s as it’s not widely publicized. The underwriter acts “behind closed doors” and does not normally have direct experience of the debtor. Continue reading “Can the home loan underwriter reject my application for the loan?”