Approved by automated underwriti
ng but ???
09-29-2012 12:37 PM
OK, I have not done this in a while. We are hoping to refinance to cut 1% off of our rate and cash out to pay off bills. If the mortgage broker tells you you were approved by automated underwriting, what are the things that could cause a problem? I take it the automated system runs with your credit information, income, etc???
Right now I think our real hurdle is going to the appraisal. But, I don't really understand what role automated underwriting will play. How does this whole process work nowadays?
Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (17.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (10.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Re: Approved by automated underwriti
ng but ???
09-29-2012 05:56 PM