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Your guide to the Denver underwriting process


February 19, 2020

You are on your way - you’ve found the perfect house, have saved the down payment you need, and are ready to sign on your perfect home. But first, you do have to go through the underwriting process, which might sound intimidating. While it sounds intimidating, and it can be overwhelming, we have compiled your go-to guide.

Wait, what is underwriting? 
Underwriting is more simple then it sounds. What this is, is just the process that lenders take to establish and verify your credit score, income, assets, and additional supporting documents. While it can seem overwhelming to have all of this checked, it doesn’t mean that you won’t get the loan. Thousands of people go through the underwriting process every month - don’t fear!

What’s the process? 
Your underwriter is really just a financial expert - they are the person who will go through all of your finances, assets, and ultimately advise the lender on your ability to handle the loan. There are a few things that the underwriter can, and most likely will do. If any of these happen to you, don’t fret. All of the following are normal occurrences. 
Employment: Your employment history will be verified, including your current employer and longevity. This will demonstrate your reliability when it comes to a steady source of income.
  • Income: When it comes to employment, they’ll need to also verify income. This is to ensure you are able to afford the home you’re purchasing.
  • Credit History: Credit history is used to determine your reliability to make payments on time. This is important to your lender.  
  • Down Payment/Savings: Finally, they’ll want to be sure you have the money to make the formal downpayment! 

Timing
The amount of time underwriting takes does vary person to person, but make it easier on yourself by being responsive to your underwriter, and not making any large purchases. In addition, you should avoid applying for any new credit cards, car loans, or anything else that could hit your credit card report.

We wish you all of the best with your new home! If you need any help during the home buying process, Aspen Claims Service can help. Our large team of nationwide adjusters help with any size claim. Contact Aspen Claims Service today to see how we can help you.