The Mortgage Underwriting Process Explained

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"%3Cscript%20src%3D%22https%3A%2F%2Fwww.googletagmanager.com%2Fgtm.js%3Fid%3DGTM-MP6F46L%22%20data-consent%3D%22ANALYTICS%22%20data-track-load%3D%22gtm%22%3E%3C%2Fscript%3E" });</script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https://www.businessinsider.com/personal-finance/mortgages/mortgage-underwriting-process"},"editor":{"@type":"Person","name":"Richard Richtmyer, CEPF"},"author":[{"@type":"Person","name":"Laura Grace Tarpley, CEPF","sameAs":"https://www.businessinsider.com/author/laura-grace-tarpley"},{"@type":"Person","name":"Molly Grace","sameAs":"https://www.businessinsider.com/author/molly-grace"}],"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"The Mortgage Underwriting Process Explained","alternativeHeadline":"Understanding the Mortgage Underwriting Process","image":{"@type":"ImageObject","url":"https://i.insider.com/5ff60d82d184b30018aad58c?width=1200&format=jpeg","width":1200,"height":899,"caption":"Underwriting can be completed manually or with an automated system."},"name":"Understanding the Mortgage Underwriting Process","datePublished":"2024-07-22T21:53:20Z","dateModified":"2024-07-22T21:53:20Z","description":"Learn about the mortgage underwriting process in 2024, from application to approval, and find out what lenders look for when evaluating potential borrowers.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.When you apply for a mortgage, you usually don't get a lot of insight into what's going on behind the scenes. You send in your application and all the necessary documentation, someone presumably looks at all that information, and then your mortgage lender lets you know whether or not you qualify. But who's looking at your application, and how do they decide that you're eligible to get a mortgage?The process of deciding if a borrower should be approved for a loan is called mortgage underwriting. Here's how the mortgage underwriting process works and what you can do to ensure it goes smoothly.Mortgage underwriting is the process of figuring out how risky it is for a lender to give you a mortgage. Ultimately, underwriting determines whether or not you'll get the loan. If the risk is too great, your application will be denied.During the process, a financial professional (the underwriter) examines whether you have the capacity, credit, and collateral to qualify for the proposed mortgage. These are known as the three C's of underwriting:Underwriting ensures that your application meets the lender's requirements and the requirements set forth by the investor the lender will sell your loan to after closing. With conforming loans, the most popular type of mortgage, this is either Fannie Mae or Freddie Mac. Many lenders have two types of underwriting: automatic and manual. Automatic runs your information through computer software. Manual is completed by a person. Depending on your situation, the lender may use a combination of both types.Automated underwriting is faster and leaves less room for human error.However, a manual process could be more beneficial to you if you have unique circumstances. This way, you can explain your situation to an underwriter rather than risk the software processing you as an unfit borrower. A lender may realize you need a manual underwriter if your finances aren't super simple, or you can request manual underwriting. Once you submit your mortgage application, the underwriting process begins. The underwriter or underwriting system will look at your income, credit, debts, and assets to determine whether you meet the minimum requirements to qualify for a mortgage.You'll have to provide a lot of documentation when you apply for a mortgage. And once an underwriter looks at your profile, they may ask for even more. Requests for more documents can come whether you're going through automated or manual underwriting. Sometimes automated underwriting systems need more information before it can approve or deny your application. Human underwriters may also ask for additional documentation if they come across something in your application that they need to verify.Mortgage lenders require a home appraisal, where an expert assesses the house you want to buy to determine its value. The underwriter will verify whether it matches your down payment and amount you've requested to borrow. The lender also might decide not to give you a mortgage if the appraisal shows the home's value is significantly lower than the selling price.Each type of mortgage has its own minimum credit score for borrowers, and you could get a better rate if your score is higher than the minimum. Typically, you'll need at least a 620 score to qualify for a conforming loan.The underwriter will also look at your credit report to see if you have any negative events, like missed payments or defaults. Certain events, like foreclosures or bankruptcies, can prevent you from qualifying for a mortgage, depending on how long ago they happened.Your DTI ratio shows how much you pay toward debts vs. how much you earn. The underwriter wants to make sure you can afford to take on more debt. To find your DTI, divide the amount you pay toward debts each month by your gross monthly income.The underwriter verifies your employment and makes sure you earn the amount you claimed on your mortgage application. They'll also ensure that your income is consistent. If you have large fluctuations in your earnings from year to year, or you've been in the workforce for less than two years, you may have trouble qualifying.Someone from the lender may contact your employer to verify that you work there. The underwriter will look at your bank accounts to make sure you have the funds for a sufficient down payment. They'll also ask for an explanation if the funds were recently deposited into your account to verify that you didn't receive a loan that could impact your DTI.This is why, if a family member is gifting you funds for a down payment, they'll need to provide a down payment gift letter stating they don't expect you to repay them. The underwriter may also look at other assets you have that could be used to cover your mortgage payments if you were to lose your job. The loan-to-value ratio is the relationship between your loan amount and what the home is worth. Your LTV is the inverse of your down payment. If you put 20% down, you have an LTV of 80%. Every type of mortgage has a maximum LTV. For example, conforming loans can't go higher than 97%. If you have a high LTV, you might need a higher credit score or lower DTI for the loan to be approved. An underwriter will look at all these factors.The underwriter will use the appraisal to determine if the home's value is sufficient. If you default on your mortgage, the lender will foreclose on your home and sell the property to recoup its losses. If the property is worth less than the loan amount, it will lose money.After carefully reviewing your application and verifying your financial situation, the underwriter will issue a decision. You application may be:Your lender will require certain documents for your underwriter. Having them on hand from the get-go will make underwriting easier for everyone. Here are the documents you'll probably need:Be prepared to have to provide documentation at any point during this process. Just because the lender already asked for a certain document doesn't mean they won't ask for an updated version later on.First of all, be honest about your finances when you apply for a mortgage. The underwriter will find out if you lie in an attempt to qualify for a mortgage or get a better rate.Second, talk to the lender at the beginning of the process if you have any unique circumstances that might look bad on paper. For example, maybe you don't have a credit score, but that's only because you've worked to live with no debt.Giving information upfront can also help the underwriter work more quickly, rather than take the time to reach out with questions. For example, if you recently received a big deposit in your bank account that might raise scrutiny, let your loan officer know. They can tell you what information you need to provide in a letter of explanation.Even if you have all your documentation ready and talk to your lender beforehand, it's still possible the underwriter will reach out for clarification on a matter.When the underwriter contacts you, respond as quickly as possible. The sooner any issues are resolved, the sooner the underwriting process wraps up.Hold off on doing anything that will change your financial picture before underwriting is finished. If you take out a car loan, for instance, this could affect your credit score and debt-to-income ratio. That means the underwriter will need to get all this new information before deciding whether to give you a mortgage.The underwriting experience can range from a few days to a few weeks. It depends on how much additional information the lender needs from you throughout the underwriting process. If there is a lot of back-and-forth with long wait times, the process will take longer.You can help the underwriting process go faster by being responding promptly when the underwriter requests more information. Taking too long to send requested information can cause delays in the underwriting process. A low appraisal can also cause delays or an ultimate denial if the homebuyer isn't able to make up the difference in cash. Insufficient credit or changes to your credit during the process can also lead to a denial.Conditional approval is generally a good thing since it means that as long as you meet certain conditions, you'll be approved. Ask your loan officer what those conditions are. You may need to provide some additional documentation, send proof of a homeowners insurance policy, or wait for the appraisal report.","articleSection":"Personal Finance, Loans, Mortgages","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"How long does the mortgage underwriting process take?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">The underwriting experience can range from a few days to a few weeks. It depends on how much additional information the lender needs from you throughout the underwriting process. If there is a lot of back-and-forth with long wait times, the process will take longer.</p>"}},{"@type":"Question","name":"Can I expedite the underwriting process?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">You can help the underwriting process go faster by being responding promptly when the underwriter requests more information. </p>"}},{"@type":"Question","name":"What are the most common reasons for underwriting delays or denials?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Taking too long to send requested information can cause delays in the underwriting process. A low appraisal can also cause delays or an ultimate denial if the homebuyer isn't able to make up the difference in cash. Insufficient credit or changes to your credit during the process can also lead to a denial.</p>"}},{"@type":"Question","name":"What should I do if my mortgage application is conditionally approved?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Conditional approval is generally a good thing since it means that as long as you meet certain conditions, you'll be approved. Ask your loan officer what those conditions are. 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role="main" > <section id="l-content" class="is-right-rail content-with-sticky-toc" data-track-page-area="Post" data-post-content > <section class="row"> <div class="col-12"> <article class=""> <section class="post-headline-wrapper " id="post-headline" > <div class="post-meta"> <span class="post-breadcrumbs headline-regular "> <a href="/personal-finance" class="" data-track-click="{"product_field":"Personal Finance","element_name":"breadcrumbs","event":"navigation"}" > Personal Finance </a> <svg class="svg-icon chevron-icon post-breadcrumbs-chevron rotate270" data-chevron-icon role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon" > <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#0a0a0a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"/> </svg> <a href="/personal-finance/mortgages" class="" data-track-click="{"product_field":"Mortgages","element_name":"breadcrumbs","event":"navigation"}" > Mortgages </a> </span> </div> <h1 class="post-headline ">Understanding the Mortgage Underwriting Process</h1> </section> <section class="byline-wrapper byline-wrapper-helpfulness "> <div class="byline " data-e2e-name="byline" > <div class="byline-content" data-e2e-name="byline-content" > <div class="byline-row"> <div class="byline-author-container"> <div class="byline-author headline-regular"> <span class="headline-regular">Written by</span> <span class="" data-e2e-name="Laura Grace Tarpley, CEPF" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/laura-grace-tarpley" >Laura Grace Tarpley, CEPF</a></span> and <span class="" data-e2e-name="Molly Grace" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/molly-grace" >Molly Grace</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/richard-richtmyer" >Richard Richtmyer</a> </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-07-22T21:53:20Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-07-22T21:53:20Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="share" data-location=""> <div class="share-button-dropdown-wrapper"> <button class="share-button sharebar-link headline-regular"><svg class="svg-icon share-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" fill="none" viewBox="0 0 12 12"> <defs/> <title>Share icon</title> <desc>An curved arrow pointing right.</desc> <path fill-rule="evenodd" d="M7.336 8.014l4.2-3.5-4.2-3.5v2.8h-2.54c-1.948 0-3.526 1.567-3.526 3.5v3.16h1.469v-3.16a2.05 2.05 0 012.056-2.042h2.54v2.742z" 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class="image-caption-text">Underwriting can be completed manually or with an automated system.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > mapodile/Getty Images </span> </span> </figcaption> </span> </figure> <div class="typography sticky-toc-post-wrapper"> <nav class="sticky-toc js-sticky-toc-dropdown hide-menu headline-semibold helpfulness-mobile-toc" data-component-type="sticky-toc" > <div class="sticky-toc-title-wrapper helpfulness-mobile-toc" > <div class="helpfulness-mobile-toc-title"> <span class="helpfulness-mobile-toc-jump-to">JUMP TO</span> <span class="headline-regular helpfulness-mobile-toc-section">Section</span> </div> <div class="sticky-toc-dropdown-button js-sticky-toc-dropdown-button"> <span class="sticky-toc-arrow"><svg class="svg-icon chevron-icon " data-chevron-icon role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" 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data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Steps in the process </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#key-factors-underwriters-consider" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Key factors underwriters consider </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#what-to-expect-after-underwriting" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > What to expect after underwriting </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#tips-for-a-smooth-process" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Tips for a smooth process </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#faqs" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </menu> </div> </nav> <div class="sticky-toc-aside-wrapper"> <ul class="sticky-toc-aside js-sticky-toc-aside" data-component-type="sticky-toc"> <li> <a href="#what-is-mortgage-underwriting?" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > What is mortgage underwriting? </a> </li> <li> <a href="#how-technology-is-used-in-underwriting" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > How technology is used in underwriting </a> </li> <li> <a href="#steps-in-the-process" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Steps in the process </a> </li> <li> <a href="#key-factors-underwriters-consider" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Key factors underwriters consider </a> </li> <li> <a href="#what-to-expect-after-underwriting" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > What to expect after underwriting </a> </li> <li> <a href="#tips-for-a-smooth-process" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Tips for a smooth process </a> </li> <li> <a href="#faqs" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </ul> </div> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <p class="headline-regular financial-disclaimer">Affiliate links for the products on this page are from partners that compensate us (see our <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">advertiser disclosure with our list of partners</a> for more details). However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/mortgages/how-we-evaluate-mortgage-lenders" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate mortgages</a> to write unbiased product reviews.</p><p></p> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><ul class="summary-list"> <li>A mortgage underwriter assesses your creditworthiness and whether you can afford the loan.</li> <li>An underwriter will look at factors like your credit score, debt-to-income ratio, and home appraisal.</li> <li>Underwriting could take a few days or a few weeks, depending on communication and other factors.</li> </ul><p>When you apply for a mortgage, you usually don't get a lot of insight into what's going on behind the scenes. You send in your application and all the necessary documentation, someone presumably looks at all that information, and then your <a href="https://www.businessinsider.com/personal-finance/best-mortgage-lenders" data-analytics-product-module="body_link" rel="">mortgage lender</a> lets you know whether or not you qualify.<span style="text-decoration: line-through;"> </span>But who's looking at your application, and how do they decide that you're eligible to get a mortgage?</p><p>The process of deciding if a borrower should be approved for a loan is called mortgage underwriting. Here's how the mortgage underwriting process works and what you can do to ensure it goes smoothly.</p><h2 data-toc-label="What is mortgage underwriting?" id="what-is-mortgage-underwriting?" class="toc-anchor">What is mortgage underwriting?</h2><h3>Definition and objectives of mortgage underwriting</h3><p>Mortgage underwriting is the process of figuring out how risky it is for a lender to give you a mortgage. Ultimately, underwriting determines whether or not you'll get the loan. If the risk is too great, your application will be denied.</p><p>During the process, a financial professional (the underwriter) examines whether you have the capacity, credit, and collateral to qualify for the proposed mortgage. These are known as the three C's of underwriting:</p><ul><li><strong>Capacity:</strong> Do you have the income and assets to afford the mortgage?</li><li><strong>Credit:</strong> Are you a creditworthy borrower who's paid their debts in the past?</li><li><strong>Collateral:</strong> Is the home you're buying worth what the lender is giving you for it?</li></ul><h3>The role of underwriting in the mortgage application process</h3><p>Underwriting ensures that your application meets the lender's requirements and the requirements set forth by the investor the lender will sell your loan to after closing. With <a href="https://www.businessinsider.com/personal-finance/conforming-loans" data-analytics-product-module="body_link" rel="">conforming loans</a>, the most popular type of mortgage, this is either Fannie Mae or Freddie Mac. </p><h2 data-toc-label="How technology is used in underwriting" id="how-technology-is-used-in-underwriting" class="toc-anchor">How technology is used in underwriting</h2><h3>Manual vs. automated underwriting systems</h3><p>Many lenders have two types of underwriting: automatic and manual. Automatic runs your information through computer software. Manual is completed by a person. Depending on your situation, the lender may use a combination of both types.</p><h3>Advantages of automated underwriting and manual underwriting</h3><p>Automated underwriting is faster and leaves less room for human error.</p><p>However, a manual process could be more beneficial to you if you have unique circumstances. This way, you can explain your situation to an underwriter rather than risk the software processing you as an unfit borrower. A lender may realize you need a manual underwriter if your finances aren't super simple, or you can request manual underwriting. </p><h2 data-toc-label="Steps in the process" id="steps-in-the-process" class="toc-anchor">Steps in the mortgage underwriting process</h2><h3>Application review and credit evaluation</h3><p>Once you submit your mortgage application, the underwriting process begins. The underwriter or underwriting system will look at your income, credit, debts, and assets to determine whether you meet the minimum requirements to qualify for a mortgage.</p><h3>Assessment of financial documents</h3><p>You'll have to provide a lot of <a href="https://www.businessinsider.com/personal-finance/documents-needed-for-mortgage-application" data-analytics-product-module="body_link" rel="">documentation when you apply for a mortgage</a>. And once an underwriter looks at your profile, they may ask for even more. </p><p>Requests for more documents can come whether you're going through automated or manual underwriting. Sometimes automated underwriting systems need more information before it can approve or deny your application. Human underwriters may also ask for additional documentation if they come across something in your application that they need to verify.</p><h3>Property appraisal</h3><p>Mortgage lenders require a <a href="https://www.businessinsider.com/personal-finance/what-is-home-appraisal" data-analytics-product-module="body_link" rel="">home appraisal</a>, where an expert assesses the house you want to buy to determine its value. The underwriter will verify whether it matches your down payment and amount you've requested to borrow. The lender also might decide not to give you a mortgage if the appraisal shows the home's value is significantly lower than the selling price.</p><h2 data-toc-label="Key factors underwriters consider" id="key-factors-underwriters-consider" class="toc-anchor">Key factors underwriters consider</h2><h3>Credit score and history</h3><p>Each type of mortgage has its own <a href="https://www.businessinsider.com/personal-finance/what-credit-score-is-needed-to-buy-a-house" rel="noopener" data-analytics-product-module="body_link">minimum credit score for borrowers</a>, and you could get a better rate if your score is higher than the minimum. Typically, you'll need at least a 620 score to qualify for a conforming loan.</p><p>The underwriter will also look at your credit report to see if you have any negative events, like missed payments or defaults. Certain events, like  foreclosures or bankruptcies, can prevent you from qualifying for a mortgage, depending on how long ago they happened.</p><h3>Debt-to-income ratio (DTI)</h3><p>Your <a href="https://www.businessinsider.com/personal-finance/debt-to-income-ratio" rel="noopener" data-analytics-product-module="body_link">DTI ratio</a> shows how much you pay toward debts vs. how much you earn. The underwriter wants to make sure you can afford to take on more debt. To find your DTI, divide the amount you pay toward debts each month by your gross monthly income.</p><h3>Employment history and income stability</h3><p>The underwriter verifies your employment and makes sure you earn the amount you claimed on your mortgage application. They'll also ensure that your income is consistent. If you have large fluctuations in your earnings from year to year, or you've been in the workforce for less than two years, you may have trouble qualifying.</p><p>Someone from the lender may contact your employer to verify that you work there. </p><h3>Assets</h3><p>The underwriter will look at your bank accounts to make sure you have the funds for a sufficient down payment. They'll also ask for an explanation if the funds were recently deposited into your account to verify that you didn't receive a loan that could impact your DTI.</p><p>This is why, if a family member is gifting you funds for a down payment, they'll need to provide a <a href="https://www.businessinsider.com/personal-finance/gift-letter-for-mortgage" data-analytics-product-module="body_link" rel="">down payment gift letter</a> stating they don't expect you to repay them. </p><p>The underwriter may also look at other <a href="https://www.businessinsider.com/personal-finance/liquid-assets" rel="noopener" data-analytics-product-module="body_link">assets</a> you have that could be used to cover your mortgage payments if you were to lose your job. </p><h3>Loan-to-value ratio (LTV)</h3><p>The <a href="https://www.businessinsider.com/personal-finance/loan-to-value-ratio-mortgage-refinancing" data-analytics-product-module="body_link" rel="">loan-to-value ratio</a> is the relationship between your loan amount and what the home is worth. Your LTV is the inverse of your down payment. If you put 20% down, you have an LTV of 80%. </p><p>Every type of mortgage has a maximum LTV. For example, conforming loans can't go higher than 97%. If you have a high LTV, you might need a higher credit score or lower DTI for the loan to be approved. An underwriter will look at all these factors.</p><h3>Property value</h3><p>The underwriter will use the appraisal to determine if the home's value is sufficient. If you default on your mortgage, the lender will <a href="https://www.businessinsider.com/personal-finance/what-is-foreclosure" data-analytics-product-module="body_link" rel="">foreclose</a> on your home and sell the property to recoup its losses. If the property is worth less than the loan amount, it will lose money.</p><h2 data-toc-label="What to expect after underwriting" id="what-to-expect-after-underwriting" class="toc-anchor">What to expect after underwriting</h2><h3>Possible outcomes</h3><p>After carefully reviewing your application and verifying your financial situation, the underwriter will issue a decision. You application may be:</p><ul><li><strong>Approved:</strong> You'll be issued a "clear to close" which means the underwriter has signed off on every aspect of your application and you can get ready to close on your mortgage.</li><li><strong>Denied:</strong> Lenders are required to tell you why you were denied a loan.</li><li><strong>Suspended:</strong> The underwriter may suspend your loan if they don't have enough information to make a decision. If this happens, ask your loan officer if you can provide documentation to move the process forward.</li><li><strong>Conditional approval:</strong> The underwriter may issue a conditional approval during the process if your application looks good but there are things missing. For example, they may conditionally approve you if you still need to purchase <a href="https://www.businessinsider.com/personal-finance/average-homeowners-insurance-cost" rel="">homeowners insurance</a> or if they're waiting on the appraisal report to come back.</li></ul><h2 data-toc-label="Tips for a smooth process" id="tips-for-a-smooth-process" class="toc-anchor">Tips for a smooth underwriting process</h2><h3>Be ready to provide additional documentation</h3><p>Your lender will require certain documents for your underwriter. Having them on hand from the get-go will make underwriting easier for everyone. Here are the documents you'll probably need:</p><ul><li>Identification and social security number</li><li>Pay stubs from the last 30 days</li><li><a href="https://www.businessinsider.com/personal-finance/when-to-file-taxes" rel="noopener">Tax forms</a> and returns from the last two years</li><li><a href="https://www.businessinsider.com/personal-finance/what-is-a-bank-statement" rel="noopener">Bank statements</a></li><li>Proof of any other assets or sources of income</li><li>Official information about any debts</li></ul><p>Be prepared to have to provide documentation at any point during this process. Just because the lender already asked for a certain document doesn't mean they won't ask for an updated version later on.</p><h3>Address potential issues ahead of time</h3><p>First of all, be honest about your finances when you apply for a mortgage. The underwriter will find out <br>if you lie in an attempt to qualify for a mortgage or get a better rate.</p><p>Second, talk to the lender at the beginning of the process if you have any unique circumstances that might look bad on paper. For example, maybe you don't have a credit score, but that's only because you've worked to live with no debt.</p><p>Giving information upfront can also help the underwriter work more quickly, rather than take the time to reach out with questions. For example, if you recently received a big deposit in your bank account that might raise scrutiny, let your loan officer know. They can tell you what information you need to provide in a letter of explanation.</p><h3>Be prompt with requests for information</h3><p>Even if you have all your documentation ready and talk to your lender beforehand, it's still possible the underwriter will reach out for clarification on a matter.</p><p>When the underwriter contacts you, respond as quickly as possible. The sooner any issues are resolved, the sooner the underwriting process wraps up.</p><h3>Don't make any big financial moves</h3><p>Hold off on doing anything that will change your financial picture before underwriting is finished. If you take out a <a href="https://www.businessinsider.com/personal-finance/best-car-loans-options" rel="noopener" data-analytics-product-module="body_link">car loan</a>, for instance, this could affect your credit score and debt-to-income ratio. That means the underwriter will need to get all this new information before deciding whether to give you a mortgage.</p><h2 data-toc-label="FAQs" id="faqs" class="toc-anchor">Mortgage underwriting process FAQs</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How long does the mortgage underwriting process take? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The underwriting experience can range from a few days to a few weeks. It depends on how much additional information the lender needs from you throughout the underwriting process. If there is a lot of back-and-forth with long wait times, the process will take longer.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can I expedite the underwriting process? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">You can help the underwriting process go faster by being responding promptly when the underwriter requests more information. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What are the most common reasons for underwriting delays or denials? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Taking too long to send requested information can cause delays in the underwriting process. A low appraisal can also cause delays or an ultimate denial if the homebuyer isn't able to make up the difference in cash. Insufficient credit or changes to your credit during the process can also lead to a denial.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What should I do if my mortgage application is conditionally approved? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Conditional approval is generally a good thing since it means that as long as you meet certain conditions, you'll be approved. Ask your loan officer what those conditions are. You may need to provide some additional documentation, send proof of a homeowners insurance policy, or wait for the appraisal report.  </p> </div> </div> </div><div class="ca-widget" data-token="x13d55880b64" data-s1="AMCID"></div> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-src="https://secure.money.com/embeds/embedder.js?v=1" data-async="true" data-defer="true"></div> <section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/laura-grace-tarpley" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="laura-grace-tarpley"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/5d8a33692e22af05d12fa207?crop=1:1&width=256&format=jpeg&auto=webp" alt="Laura Grace Tarpley_headshot"> <noscript> <img src="https://i.insider.com/5d8a33692e22af05d12fa207?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/laura-grace-tarpley" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Laura Grace Tarpley, CEPF</div> </a> <div class="post-author_title headline-regular">Personal Finance Reviews Editor</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on  Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.</span><span>She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.</span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="molly-grace"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" alt="Headshot of Molly Grace"> <noscript> <img src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Molly Grace</div> </a> <div class="post-author_title headline-regular">Mortgage Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded1"> <div class="post-author_bio_content"> <span>Molly Grace is a mortgage reporter for Business Insider with over six years of experience writing about mortgages and homeownership. </span><span><span class="headline-semibold">Experience</span></span><span>In addition to her daily mortgage rate coverage, Molly also writes mortgage lender reviews and educational articles on homebuying and analyzes data and economic trends to give readers actionable and up-to-date information about the housing market.</span><span>She also tracks affordable mortgage and down payment assistance programs offered throughout the country to keep her readers informed of homebuyer programs available to them. </span><span>Before Business Insider, Molly was a blog writer for Rocket Companies and helped to create Rocket Mortgage’s Shorty Award-winning podcast <em>Home. Made</em>.</span><span>Molly is passionate about covering personal finance topics with empathy. Her goal is to make homebuying knowledge more accessible, especially for groups that may think homeownership is out of reach. </span><span><span class="headline-semibold">Expertise</span></span><span>Molly is an expert in the following topics:</span><ul><li><span>Mortgages and mortgage lenders</span></li><li><span>Home equity</span></li><li><span>The housing market</span></li><li><span>The economy and the forces that impact mortgage rates</span></li><li><span>Budgeting and saving</span></li><li><span>Credit</span></li><li><span>Insurance</span></li><li><span>Retirement savings</span></li></ul><span><span class="headline-semibold">Education</span></span><span>Molly earned a bachelor's degree in journalism from Indiana University. </span><span>She is based in Michigan and has a dog and two cats. </span> </div> <label for="expanded1" role="button" class="post-author_bio_more">Read more</label> <label for="expanded1" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/60a53ef9e25d05001880c7d2":{"contentType":"image/png","aspectRatioW":1200,"aspectRatioH":320}}" alt="LendingClub Logo"> <noscript> <img src="https://i.insider.com/60a53ef9e25d05001880c7d2?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> LendingClub LevelUp Savings Account </a> <span class="headline-semibold featured-product-sub-heading"> Earn 4.75% APY when you deposit $250 per month <div class="component rich-tooltip featured-product-rich-tooltip" role="tooltip" data-tooltip-position="right"> <svg class="svg-icon tooltip-icon " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"> <title></title> <desc>A tooltip</desc> <path d="M30.6 36.6l.1-1.2c.2-2.3 1.3-3.3 3.4-5.2 2.5-2.3 5.7-4.5 5.7-8.6 0-5-4.3-7.7-9.2-7.7-3.8 0-6.8 1.5-10 4.4l2.2 2.5c3.1-2.5 5-3.5 7.7-3.5 3.2 0 5.4 1.7 5.4 4.4s-2.2 4.2-4.4 6.1c-3.4 2.9-4 4.1-4 7.3v1.5h3.1zm.7 8.4v-4.6h-4.4V45h4.4z"></path> <path d="M30 0c16.6 0 30 13.4 30 30S46.6 60 30 60 0 46.6 0 30 13.4 0 30 0zm0 3C15.1 3 3 15.1 3 30s12.1 27 27 27 27-12.1 27-27S44.9 3 30 3z"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">Earn 4.75% APY when you deposit at least $250 per month, earn 3.75% standard APY if minimum isn't met.</div> </div> </div> <style>.rich-tooltip-wrapper { display: none; }</style> </span> </div> <div class="featured-product-cta"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" class="featured-product-link not-content-link" data-analytics-product-area="button" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - 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