How the Automated Underwriting Benefits You

Date: 2011.11.22 | Category: Extra Budget | Tags: Benefits,home,Income,Loan

Tweet

Once your loan officer has your application and has verified the data, he or she can request Fannie Mae or Freddie Mac approval. Most likely you’ll get a phone call the same day with an approval, a rejection, or a ‘‘let’s talk about it.’’ This fast turnaround means that within a day or two you can start looking at homes and making plans.

Another advantage of this automated system is that once you have approval, your loan officer can shop your loan package to get you the best deal. Plus, he or she can give you a letter of loan approval that carries added credibility with sellers.

The key to making the system work for you is to have the best credit score you can and to present a stable employment history. If your income-to-debt ratio is a little high, the chances are you’ll still get an approval at the best interest rate.