Should I Be Worried About Underwriting

How long does it take for an underwriter to make a decision?

Under normal circumstances, initial underwriting approval happens within 72 hours of submitting your full loan file. In extreme scenarios, this process could take as long as a month. However, it's unlikely to take so long unless you have an exceptionally complicated loan file.

How Long Does Underwriting Take? Is 'No News Good News'?

Is underwriting process stressful?

Applying for a mortgage can be a stressful process, even if you have experience. For first-time homebuyers, the process can be especially nerve-wracking. ... With that in mind, here are some things you can do to ensure that the underwriting process for your mortgage is as seamless (and stress-free) as possible.

How to Have a Smooth Underwriting Process the First Time

What can go wrong during underwriting?

The main thing that could go wrong in underwriting has to do with the home appraisal that the lender ordered: Either the assessment of value resulted in a low appraisal or the underwriter called for a review by another appraiser. ... You can contest a low appraisal, but most of the time the appraiser wins.

What Can Go Wrong in Underwriting - The Balance

Why would an underwriter not approve a loan?

Your loan is never fully approved until the underwriter confirms that you are able to pay back the loan. ... Some of these problems that might arise and have your underwriting denied are insufficient cash reserves, a low credit score, or high debt ratios.

Why was my underwriting denied, even if I was preapproved?