Mortgage Underwriter
The mortgage underwriter understands the mortgage loan qualification, approval, and pre-approval. He makes the decision if the borrower qualifies for the mortgage. If the mortgage application fails to meet the qualification level, he determines the best mortgage loan options for the borrower.
To qualify for the mortgage, the mortgage underwriter basically looks at the credit history, credit score, down payment, equity, income, and outstanding loan. So, he also understands how to repair bad credit rating, and increase the credit score.
The credit history tells how the borrower pays off loan obligation. As you pay off the mortgage, the Credit Score increases. A high score is a positive indicator. The borrower will possibly be approved for the mortgage.
The income and debt ratio helps the mortgage underwriter prove that the income is enough to cover the mortgage, and outstanding loan. To prove, the mortgage underwriter verifies all the different source of income.
First, the loan officer prepares the necessary documents for the mortgage application. Then, the loan officer enters the personal and credit information into the underwriting system. The system checks the qualification of the information. Eventually, the loan officer gets the qualified application. Then, the loan officer sends the qualified application to the mortgage underwriter. The mortgage underwriter verifies the documents including pay stubs, and bank statements. If there are missing documents and unsatisfactory documents, the mortgage underwriter asks the borrower to provide the documents. This makes sure that the borrower has enough income to pay off the mortgage. Finally, the mortgage underwriter gives the final approval.
All these steps ensure that there is absence of fraud, and meets the standards in which the mortgage are insurable, and serviceable. So, the mortgage underwriter knows the good and bad practice on mortgage application. The standards are set by the company and government.
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Mortgage – 3 Tips to Get Your Mortgage Paid Off Faster
Are you unhappy with your mortgage? There are more and more people that are finding that their mortgage is not what they expected. When we purchase a home or refinance our mortgage we give ourselves a mental picture of the mortgage being easier to pay down as the years go by. We think that with a raise in a couple of years we can make more money and pay our mortgage down quicker.
However, most people never get to a point where they are comfortable enough to pay down their mortgage faster.
We forget to calculate the cost of living that rises year after year and the raise we get usually ends up covering normal expenses instead of paying down our mortgage.
If you have a variable rate mortgage, then there is a good chance that your monthly payment will go up, which, again will make is harder to pay down your mortgage when you are making more money.
There is even something called a negative amortization loan or a Neg Am, that will have you paying less than the interest only payment on your mortgage every month. This will actually cause your principal balance to grow each month.
So how do you pay down your mortgage faster….
The first and easiest solution is to pay more money each month towards your principal. This will save you interest off the back end of the loan and will pay off your balance quicker.
Now you just have to figure out where that extra money will be coming from. You will have to figure out how much extra you can send in each month and how many months in a row you can send in to keep pace with yourself. If you can even come up with an extra $20 each month to pay towards your mortgage you will be able to pay it off faster than you could imagine.
The second way to pay off your mortgage faster is to make a 13th payment each year. This could come from a bonus at work, a tax return check, or from a month when you get 3 paychecks instead of just 2. Another way to achieve a 13th payment each year is to make bi-weekly payments. This will give you 26 half payments, which equals 13 whole payments.
Paying a 13th payment each year can actually save you 5-7 years on a 30 year mortgage, which can save you thousands of dollars in interest of the back end of your loan. It is amazing that more people are not already taking advantage of this method, but I guess there are more important things than paying off your mortgage.
The last thing you can do is refinance for a lower rate and have your mortgage guy or gal give you the payment amount that you would have to pay each month to pay off your mortgage faster. For example, if you refinance for a 30 year mortgage you can find out what the payment would be for a 20 year and a 15 year mortgage. Then, try to make the 15 year payment each month, but if you slip up and need a little extra cash you can make the 20 year payment one or two months instead.
However you go about paying down your mortgage faster does not matter as long as you stay disciplined and you just go ahead and do it already.