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New Automated Underwriting
By offering the latest technology for loan underwriting, Castle Mortgage will have your loan approved quickly. Typically, the conditional loan approval is issued within 24 hours of application.
Anatomy of a Mortgage Loan
A mortgage loan consists of four parts:
The Property
Credit History
Income and Employment History
Available Cash and Liquid Assets
The quality of these four components is examined in the loan approval process. The objective is to exhibit:
The property as sufficient security for the loan amount. The appraisal provides an estimate of value for the underwriters.
The borrower's willingness to repay the loan. The credit report and verification of previous rent and loan payments reflect the borrower's attitude toward credit obligations.
The borrower's ability to repay the loan. This is represented by verifying previous and current employment.
The borrower's ability to pay the settlement charges and maintain cash reserves. This is indicated by verifying past average balances and current balances in checking, savings, and other asset accounts.
Castle Mortgage will guide you through the process to a successful closing! |
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castle mortgage corporation
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