Four Ways Make Your Mortgage Underwriter Happy

#4: Weird bonus tip that doesn't involve your credit score, income or bank statement.

by MIKE HALL Owner/Broker/Agent

You're set to close and then there's a hold-up with your mortgage approval. Who usually sits behind that hold up? An innocent underwriter who is paid to make sure the bank is getting a good loan (someone who will pay their mortgage and can afford it).

Yes, underwriters are often cast in the light of the "bad guys" when it comes to closing on a home loan, but I know a few and the last thing they want to do is reject your loan. So, how do you keep these chicks and dudes moving forward with your loan? It's as easy as counting to four.

1. Pay yo' bills. Underwriters love good credit as much as I love good barbeque. They don't want to see any 30-day-plus late payments, no collections and no charge-offs.

2. Don't job-hop. Okay, so your boss sucks. You don't get paid enough. You hate your co-workers. Keep your future in mind. Try to stay at a job at least a year so your underwriter isn't seeing red when underwriting your file.

3. Keep a straightforward bank statement. It's confusing when you've got deposits galore but they're not tied to your job.

4. Refinancing? Clean house. When you have your appraisal on a refi, make sure your house is clean or at least picked up. It doesn't affect the value, but it does make the underwriter wonder if your payments will be as haphazard as your house.