Hey there! I wanted some advice. I'm a first time buyer and had my offer on a house through a mortgage broker( http://www.5yearmortgagerate.com/ ) . My broker had informed me on Wednesday that my mortgage had been accepted.I spoke to him today & I need to take with me tomorrow 3 months bank history and wage slips, and I was told that my application would go to the underwriter on Monday. Though my broker told me I'd been accepted could I still be declined by the underwriter? Little nervous so looking for a friendly advice. Thank you!
Wed Apr 01, 2015 10:23 am
GardenCat Full Member
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Joined: 07 Dec 2014
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You are probably already through the process but...
The short answer is yes, an underwriter can deny to grant you the mortgage loan.
Typically you would need 2 years tax returns and W-2 statements, 2 months of bank statements and payroll documentation, documentation of assets available to that could be used to make payments - just to get started with a broker.
Seems strange to me that you are being asked at the last minute for payroll and bank info...
quote:Originally posted by kellybrown Hey there! I wanted some advice. I'm a first time buyer and had my offer on a house through a mortgage broker( http://www.5yearmortgagerate.com/ ) . My broker had informed me on Wednesday that my mortgage had been accepted.I spoke to him today & I need to take with me tomorrow 3 months bank history and wage slips, and I was told that my application would go to the underwriter on Monday. Though my broker told me I'd been accepted could I still be declined by the underwriter? Little nervous so looking for a friendly advice. Thank you!
Mortgage brokers try to lock you in, so they will tell you that you are approved, but in reality, it is only a pre-approval based on your credit FICO and income stated, but underwriters have the final word for they document what you had stated on application. In most cases, not an issue, but underwriters are a lot more careful these days having burned the mortgage industry preceeding collapse.
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