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what do underwriters check : mortgage

  • 04-12-2018 9:44pm
    #1
    mkdon
    Registered Users, Registered Users 2 Posts: 419 ✭✭


    Hi all,

    Maybe an obvious question but what do underwirters check when applyinf for a mortgage been waiting weeks now which seems excessive for an answer.:(...


Comments

  • #2
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    The post history on boards.


  • #3
    begbysback
    Closed Accounts Posts: 2,910 ✭✭✭begbysback


    The likelihood of you not being able to pay, or dying before you pay


  • #4
    GingerLily
    Registered Users, Registered Users 2 Posts: 4,767 ✭✭✭GingerLily


    Are you looking for an exemption?


  • #5
    mkdon
    Registered Users, Registered Users 2 Posts: 419 ✭✭mkdon


    GingerLily wrote: »
    Are you looking for an exemption?


    looking to know what normal procedure is.


  • #6
    GingerLily
    Registered Users, Registered Users 2 Posts: 4,767 ✭✭✭GingerLily


    mkdon wrote: »
    GingerLily wrote: »
    Are you looking for an exemption?


    looking to know what normal procedure is.

    An exemption takes a lot longer, that's why I asked


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  • #7
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    Broadly speaking they;

    1. put all your income and outgoings into a behavioural scoring model, to determine how good you are with money.
    2. calculate your net remainder after expenses and ensure it can cover the cost of the mortgage if interest rates go up or your lifestyle takes a natural change (e.g. you have a couple of kids)
    3. scrutinise your accounts for higher-risk transactions (e.g. gambling)
    4. determine how stable your income is (e.g. are you working for a stable multinational or a risky startup), and factor that into point 2 above.

    They also;
    5. check with credit bureau whether you've good or bad experience with credit


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