Importance Of Mortgage Qualification And Pre-Approval

Importance Of Mortgage Qualification And Pre-Approval. What is Pre-Qualification? #11

Importance Of Mortgage Qualification And Pre-Approval video duration 3 Minute(s) 44 Second(s), published by Gustan Cho Associates on 11 07 2019 - 20:13:01.

Importance Of Mortgage Qualification And Pre-Approval 1
A pre-approval is when a home buyer and/or homeowner has completed a 1003 mortgage loan A brief comparison of mortgage pre-qualification and pre-approval.

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Importance Of Mortgage Qualification And Pre-Approval

1. A pre-approval is when a home buyer and/or homeowner has completed a 1003 mortgage loan application and the loan officer is confident the borrower qualifies for a mortgage:

- A pre-approval should be issued once the loan originator has run credit, ran the file through the automated underwriting system and got an automated approval per DU FINDINGS and/or LP FINDINGS and is confident the borrower is qualified
- Mortgage Qualification is the most important step in the mortgage process
- If the loan originator does not qualify the mortgage loan applicant the right way initially, the potential of mortgage denial is imminent
- This is the main reason for mortgage denials on the 11th hour
- Mortgage Qualification stage is the most important stage of the qualification and application process
- Poor mortgage qualification can mean a last-minute mortgage loan denial

2. Importance Of Mortgage Qualification With Qualified Income

* Qualifying for income in the mortgage qualification process is very important:

- A mortgage loan originator who has not scrutinized the loan applicant’s income carefully can jeopardize the mortgage approval
- There are many times where a mortgage processor will submit a file to the underwriter with just the recent paycheck stubs and two years W-2s and wait to submit the two years tax returns
- This is because the loan applicant did not provide it to them
- The mortgage underwriter can issue a conditional approval and one of the conditions may be to provide two years tax returns
- When the two years tax returns are submitted, there can be a lot of unreimbursed expenses
- The write-offs on the tax returns will greatly reduce the borrower’s adjusted gross income and cause in a mortgage loan denial.

Can contact us at The Gustan Cho Team at Loan Cabin at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. We are always available 7 days a week.

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