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What does it mean when my loan officer says my loan is "auto-approved"?

What does it mean when my loan officer says my loan is "auto-approved"? Topic: Meaning of underwriting a loan
July 15, 2019 / By Alivia
Question: My loan officer sent me an updated approval letter yesterday. In the email she wrote that my loan is "auto-approved". What does that mean? I spoke to her assistant and she said mentioned something about it already being "desktop underwritten", Can someone please explain? Thanks!
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Best Answers: What does it mean when my loan officer says my loan is "auto-approved"?

Uria Uria | 3 days ago
Its a program we use to evaluate your ability to qualify. If the Desktop Underwriting comes back with Approve/Eligible, then you are almost guaranteed a loan (not in all situations though) but if it says anything like Refer or not eligible, then your out of luck. Basically, they approved you but after getting all your paperwork and inputting into the software program, they ran DU (desktop Underwriting) and received full confirmation. Its a good thing, your one step closer! Congrats on that!!!
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We found more questions related to the topic: Meaning of underwriting a loan


Uria Originally Answered: We were approved for a VA loan and.?
Normally the VA require that a house be ready to be occupied. They are not known for funding fixers. If you were approved for a VA loan, simply tell your mortgage broker that you want to switch to a FHA fixer loan. This will probably work better for you because this agency has a program set up specifically for repairs and such. Yes the VA is very strict about the houses they underwrite for veterans and active duty military. I hope this has been of some use to you, good luck. "FIGHT ON"
Uria Originally Answered: We were approved for a VA loan and.?
It depends on the condition of the home. Ask your VA lender what the process is, I'm certain they have either dealt with it or could find the information you need.
Uria Originally Answered: We were approved for a VA loan and.?
Probably not forclosures, because the electricity and water are likely turned off...so such things can't be checked.

Uria Originally Answered: How do i know if i am really approved for my loan?
Oh gosh, this freaked me out when I bought my first house, before I worked in the industry. Here is what someone should have told you: FINAL approval doesn't come until every single document is in, and that includes the title and appraisal, that frequently only come in a few days before closing. When the underwriter issues the pre-approval letter, it should have come with a list of conditions...if you have turned in all of the conditions and all you are waiting for is the appraisal and the title...then you are going to close. Setting the closing date and sending you the papers doesn't equal approval.....they do that on every loan. Call your loan officer.....part of their job is to keep you informed of where you are in the process.
Uria Originally Answered: How do i know if i am really approved for my loan?
Kimberly.. Be careful and make sure you are getting a fixed rate mortgage. If it said Fixed Apr at a % it is a tradisional loan. However Ajustable rate morgages will raise when the persent index goes up. For every % higher on your morage means you will pay $100 more per month than before . Fixed rate means just that its fixed no matter what your payment never changes. Your Realtor should have walked you threw every step of buying your home. If he/she didn't there not doing a good job. Here is a great website to answer alot of your questions . www.daveramsey.com . He goes into detail on the defferent types of morgages and what to watch out for. First time homebuyers are the greatest at risk because you think that the bank is giving sound advise. Please read the different types of loans that are out there. Some of them a trash and will hurt you in the long run.
Uria Originally Answered: How do i know if i am really approved for my loan?
confident you are able to. you are able to seek for pre-approval with as many banks as you elect so as to get a aggressive value. you haven't any longer dedicated to all people yet and your value isn't locked. in case you will save around, attempt to do it interior of a 14 day era. no be counted how many cases your credit is pulled by a private loan business enterprise or monetary business enterprise in that factor, it purely counts as a million inquiry, which capacity much less hits against your credit. make specific each and every lender lays out what your approximate last expenses would be, no longer purely what value they'll furnish you. Banks/brokers make their money from countless sources. Their brokering or origination fee, and from the lender they broker provider your man or woman loan with the aid of interior the form of a "bonus" for sending them the own loan. last value quantities are the place there will be the main important distinction. brokers additionally could make money out of your value. generally the own loan officer will verify what value to fasten in at per how lots money it's going to cause them to (or how lots reimbursement or "factors" the lender will pay them). purely some friendly advice from a woman who has labored interior the own loan enterprise for 5+ years. have exciting!

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