The mortgage loan process
Days 2 through 12: Underwriting
Your lender creates a loan file with all required information and passes that file on to an underwriter.
The underwriter makes sure all loan requirements are met. Sometimes an underwriter needs additional information to make a decision. There are two typical scenarios your lender might present to you:
- Information is needed before the loan is approved; it is critical that you provide the additional information as quickly as possible in this situation.
- The underwriter approves the loan "with conditions;" that means you will need to provide additional information at closing before the loan can become final.
If you have less than a 20% down payment, your lender may require private mortgage insurance, which is usually applied for at the same time the lender underwrites the loan.
