While underwriting approval may not be the greatest of your concerns, it is still an aspect to keep in mind when going through the loan process. If you are pre-approved, don’t assume it's an automatic final approval, because pre-approval is only the first step in the loan process. Even if you are pre-approved, your underwriting can still be denied. Being pre-approved will make sure you have a good credit score, verify your income, and assure that you will be able to pay back the loan amount. But again, pre-approval is only the first process to getting a loan. Once you’ve been pre-approved, your file must then go to the underwriter who will take a deeper look into your financial stability. Your loan is never fully approved until the underwriter confirms that you are able to pay back the loan.
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