Underwriting at Mortgage Glossary
What is it? The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrowers creditworthiness and the quality of the property itself.Mortgage Dictionary Term Added By: Joseph
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Other Similar Mortgage Terms:
Mortgage Term Origination Fee is A fee paid to a lender for processing a loan Application.Mortgage Term Warranty Deed is A deed in which the grantor fully warrants good clear title to the premises; also called a general warranty deed. The usual covenants of title are covenant of seisin (possession), covenant of quiet enjoyment, covenant against encumbrances, covenant of war
Mortgage Term Original Basis is The sum of the purchase price of a property plus buying expenses on acquisition. (See basis)
Mortgage Term Encumbrance is Anything that affects or limits the title to a property, such as outstanding mortgages, easement rights or unpaid back taxes.
Mortgage Term preapproval is A process that lets you get approved for your loan before you find a house to buy.