Matt Padgett of Keystone Mortgage in Knoxville, Tennessee will help explain to you if what does a mortgage underwriter look for to work out your mortgage.
Hi! Matt Padgett with Keystone Mortgage. One of the first steps when we get your loan package is we send it to an underwriter. And a lot of people wonder “What does an underwriter do?”
Well, an underwriter does three things.
- They make sure that you have the income necessary to pay this loan back over the foreseeable future.
- They also look at your assets. To make sure you have enough money to make the down-payment. Or have enough reserves in case you need the extra money to make the payment.
- And the third thing the underwriter is really looking at is the property. Is the property going to be good collateral for them to loan the money on this house.
So, those are the three main things an underwriter is looking at. Sure there’s a lot more documentation that they’re gonna ask for. But if you’re satisfying those three things. Then everything typically works out.
Give us a call for more details 865.909.0211. Thanks!
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