You should and you can know exactly where you stand with your mortgage getting chances on the very first day you apply.
If you serve up your complete, accurate and acceptable borrower profile to your lender, you will get credit approval (subject to verification) on day one.
Your preliminary inquiry about obtaining your mortgage financing will lead to the creation of your virtual mortgage application. The information you provide for your virtual mortgage application can be fortified with your electronic submission of supporting income and asset docs. Your mortgage destiny (albeit subject to integrity review of the information you provide and the appraisal) will then be instantaneously decisioned using mortgage underwriting software.
That’ it, that’s is how it works, it is the magic of the world wide interweb and some pretty fancy mortgage approval software.
There are only two parts to every mortgage application; the first part is the credit package, the second part is the collateral. The credit package is you, your credit, employment, income, assets, your mortgage-ability so to speak. The collateral is of course, the house you are buying (or refinancing).
Mortgage loan approval, like everything else today is electronic. If you provide accurate, verifiable information about what you do for a living, how much money you make, how you get paid, how much you have for a down payment and closing costs and where that money is, as well as have acceptable credit, then decisioning your mortgage getting is a keystroke.
The vast majority of mortgage applications are decisioned with an algorithm, not a human being. Underwriting engines process, digest and decision virtual loan files in moments using the employment, income, asset and credit information disclosed by you; the borrower. If the information provided is accurate and can be supported with all of the required documentation, then the rest of the approval process is just a paper chase.