Insert Arrow in the Home Loan Application and eSign it in minutes

Aug 6th, 2022
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How to Insert Arrow in the Home Loan Application

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Hows it going everyone? Matt Leighton, welcome back to another video. In this episode, we are talking mortgages, lending. Im here with Rich Conlon from Atlantic Coast Mortgage. Say whats up Rich. Hi, Rich Conlon, Atlantic Coast Mortgage. Loan Officer. Born and raised in Vienna, Virginia. Love the area. Still live in the area. Just here to help out with my man Matt and help answer any questions. Awesome, whenever someone has a mortgage question further than What is the rate?, I just tell them to talk to Rich. I know a little bit about mortgagesbut today were talking about the top mistake people are making when theyre applying for a loan. You see all these loan commercials. Its funny, when we get the primer, one-sheeters on the list of things NOT to do. One of them is like, Dont go and buy a boat. Dont buy a new car. Im thinking to myself, nobody in the history of loans has ever gone under contract and then bought a boat the day after. Im sure it has happened. But it obv

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The underwriting process usually takes at least a few weeks. If your loan needs to be manually underwritten, it will typically take a bit longer due to the extra work required. ing to the latest data from ICE Mortgage Technology, it takes about 61 days for a VA loan to close.
Most types of home loans will only allow you to add one co-borrower to your loan application, but some allow as many as three. Your co-borrower can be a spouse, parent, sibling, family member, or friend as an occupying co-borrowers or a non-occupying co-borrowers.
The joint VA loan program allows Veterans and/or active-duty military members to use a joint borrower who is not a spouse or other Veteran. Most lenders wont allow these kinds of loans and will block Veterans from buying a home with a sister, brother, mother, father, son, daughter, or someone who is unrelated.
The Underwriting Process The underwriter is the person at the VA lenders office that determines whether or not your loan application complies with VA lending guidelines. During the underwriting process, the underwriter may need clarification on specific parts of a file or ask that the file be updated.
There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile.
The underwriting process usually takes at least a few weeks. If your loan needs to be manually underwritten, it will typically take a bit longer due to the extra work required. ing to the latest data from ICE Mortgage Technology, it takes about 61 days for a VA loan to close.
In the overwhelming majority of cases, inexperienced loan officers or strict overlays are the reason for being denied for a VA loan. If your lender is not approved to do manual underwriting on VA home loans, you may be told youre not approved without further explanation or options.
The underwriting process typically takes between three to six weeks. In many cases, a closing date for your loan and home purchase will be set based on how long the lender expects the mortgage underwriting process to take.

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