Question about financing.

[jpbabin]

Hello,

Well me and my wife finally decided to purchase 220 points at BLT. I called the rep we have been working with for it seems like an eternity now, gave him the socials, you know the usual and he said that everything is fine, gave our rate, and said the it would need to go through the "underwriter". Being I didn't want to sound stupid and asked I asked some more questions and told him I would call back with our final verdict. We are going to do this since its the best thing out there but was just wondering about the underwriter thing. Could you fine Disney people out there help a newbie!!!
THANKS IN ADVANCE!!!

 

[bumbershoot]

I have no idea what that meant! When hubby did it, it was instant...the guide put in the info, and the computer told him yes and exactly which interest he'd get.

Oh, he gave you the rate? I think that means you're good to go. But you then said that you would give final verdict, meaning you'll tell them if you want to go forward? That might mean things are on hold until you say "go" again...

Even though everything had gone through, he still had to get the stack of papers to sign, which all have wording about getting approval and such, even though approval had already been given. Maybe that's what the guide is talking about?

 

[Crystal_27]

Their "underwriter" is probably just a contract administrator who will prepare your contract and get it sent to you. You're good to go. Congratulations and welcome home, neighbor!!

 

[vicki_c]

The DVC guide's word is not the final word. That comes from the underwriter. Here's a description I just found on the web somewhere as to what an underwriter does. It's their review that really determines if you actually get the loan, no matter what the guide said.

When you first apply for a loan and the information on the loan application has been validated the loan is ready to be underwritten. The underwriter can be a company or a person. The loan underwriter has the responsibility for issuing a mortgage and analyzes your creditworthiness and set the loan amount. If the underwriter is not completely satisfied they will request more documentation that they feel is justified to help the file become more complete.

The loan underwriter carries the final responsibility of making sure that the mortgage company is protected from any probability of default which could lead to foreclosure. Not only does a loan underwriter have the responsibility of being aware of all the underwriting guidelines put also all the policies and procedures.

Determining the borrower's monthly income is one of the most important components. The borrower's income can come from several different sources, but it has to be supported by sound documentation that shows the likelihood of continuation. If the borrower is self-employed the underwriter will average the last two years from the borrower's federal tax returns. The underwriter will also want the year-to-date earnings from your profit and loss statement.

After the underwriter is completely satisfied with their finding, you will receive your approval. At this time you are clear to close and the closing will be scheduled. One thing you must remember is your credit will be checked again by running a credit report to make sure that you have not incurred any new debt that could affect your loan qualifications. You could be thinking that everything is fine and you are on your way to closing and you find out that your loan has been cancelled and there will be no closing.

 

[AlexTina]

As long as you don't have any serious dings in your credit report your good to go. The underwriter will basically check out your credit worthiness and provided your not one to continually default or make late payments there should be no problems. Congratulations!!

Tina