Summary
In Florida, a mortgage originator is defined under the Florida Mortgage Brokerage and Lending Act. You can request an underwritten preapproval instead of a loan broker approval, which involves a more thorough review of your financial situation by the lender. This process can make your offer more attractive to sellers. The timeline for obtaining an underwritten preapproval typically ranges from a few days to a couple of weeks, depending on the lender and your financial situation.Full Conversation
can i request a underwritten preapproval instead of just a loan broker approval
Yes, you can request an underwritten preapproval instead of just a loan broker approval in Florida. Underwritten preapproval involves a more thorough review of your financial situation by the lender, which can make your offer more attractive to sellers.
Is there something specific you need help with regarding this process?
how long does it take
Case Rating: *.
The timeline for obtaining an underwritten preapproval can vary, but typically it takes between a few days to a couple of weeks. The exact duration depends on the lender and your financial situation.
Do you need information on how to start the preapproval process?
no
Alright, if you have any other questions or need further assistance in the future, feel free to reach out. Have a great day!
The section of the mortgage application that contains * YES or NO questions that the borrower must answer is called the ________________________________ section.
The section of the mortgage application that contains * YES or NO questions that the borrower must answer is called the Declarations section.
Is there something else you need help with regarding your mortgage application or any other legal matter?
A borrower makes $* a month and has a car payment of $*. Assuming the loan program you’re considering has a back-end ratio of *%, what is the borrower’s maximum allowable mortgage payment assuming you’re qualifying them to the back-end ratio only?
To find the maximum allowable mortgage payment:
*. Calculate the total allowable debt: $*,* (monthly income) x *% = $*,*.
*. Subtract the car payment: $*,* - $* = $*,*.
The borrower's maximum allowable mortgage payment is $*,*.
Do you have any other questions?
Mary makes $*.* an hour and works a *-hour workweek. What is her gross monthly income to qualify for mortgage financing?
Mary’s gross monthly income can be calculated as follows:
- Hourly wage: $*.*
- Work hours per week: *
To find her weekly income:
$*.* x * = $*.*
To find her monthly income (assuming * weeks per month):
$*.* x * = $*,*.*
Would you like further assistance with mortgage qualifications?
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