UPDATE 06.05.2018: Mortgage guidelines are beginning to loosen so even if you've been turned down in the past, you very well may be approved today. outside of the box credit and income scenarios - OK! Even if you have started the loan process in the past now is the time to to work with Midwest Equity Mortgage to secure a new home loan using common sense underwriting.
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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