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Once you actually apply for a home loan, your mortgage application will be submitted and sent along to a loan underwriter, who will determine if you're a sound borrower.
The underwriter can be your best friend or your worst enemy, so it's important to put your best foot forward. The expression, "you've only got one chance to make a first impression" comes to mind.
Underwriter Will Approve, Suspend, or Decline Your Mortgage Application
Put simply, the underwriter's job is to approve, suspend, or decline your mortgage application.
If the loan is approved, you'll receive a list of "conditions" which must be met before you receive your loan documents. So in essence, it's really a conditional loan approval.
If the loan is suspended, you'll need to supply additional information or documentation to move it to approved status.
If the loan is declined, you'll more than likely need to apply elsewhere, with another bank .The Three C's of Underwriting
That said, you may be wondering how underwriters determine the outcome of your mortgage application?
Well, there are the "three C's of underwriting," otherwise known as credit reputation, capacity, and collateral.
Credit reputation has to do with your credit history, including past forclosures , bankruptcies, judgments, and basically measures your willingness to pay your debts.I hope this helps,Albert
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