What Does it Mean to Be Mortgage Assured When Buying a Home?

The Mortgage Assured program from Midwest Equity Mortgage is a unique option to give you the power to get the home you want.

How does being Mortgage Assured Appeal to Sellers?

The market has gotten competitive and with the increasing number of cash buyers making offers - it can be hard for a financed offer to compete.



When you're Mortgage Assured with Midwest Equity - you have more than just a Pre-Approval which means you'll look more serious than other financed offers.

How Does Mortgage Loan Underwriting Work?

Whether looking to buy a home or refinance, you will likely apply for a mortgage loan and encounter about the underwriting process. Lenders and loan officers might mention “underwriting” but few home-owners and buyers might actually know exactly what this step is and how it impacts their ability to secure financing.

What is Underwriting?

Underwriting is a process that allows lenders to determine if you qualify for financing based on your level of credit risk. An underwriter is a skilled in-house person who looks at every aspect of your financial profile to determine if its possible and likely that you can repay the debt. The underwriter will consider your mortgage application and verify the information you’ve submitted. This can include verifying with your employer that you are currently working. They may also compare bank statements and tax records to ensure you have substantial income to repay the loan.

Spotlight on the Miami Office

The Midwest Equity Mortgage - Miami office serves South Florida and other areas across the state. We are available for appointments in office, over the telephone, or in your home or place of business.

Phil Engel, Branch Manager

Phil Engel

Phil began his career in mortgage banking by trading mortgage back securities on Wall Street. From there, he represented major Wall Street investment firms like Wells Fargo and Merrill Lynch before transitioning to the retail end of the industry. Phil is proud to be the father of two grown children and a baby grandson.

Phil oversees all daily operations of our Miami Office. As a producing manager, Phil keeps on top of the changing market and is a valuable resource to the office. Should you have any questions about your loan application which cannot be answered by your loan officer, or should you desire to reach out to Phil about anything, he is available anytime. Phil can be contacted at 305-384-1800.

How Long Does the Loan Process Take?

The time it takes to secure a home mortgage will vary based on the TYPE of mortgage, homebuyer/homeowner scenarios and each individual lender’s processing schedule. According to HomeGuides.com – it’s reasonable to assume that a typical home loan will take 4-6 weeks from application to funding. Certain loans may take longer to reach closing.

Complete An Application

A smooth process starts off with a strong start! It will be easier for your mortgage professional to estimate a closing date once you fully complete an application. This is more than just submitting a Form 1003 – you need to also submit income verification (usually two recent pay stubs and the past 2 years’ W-2 or 1099s) along with any additional documentation that you lender may require for your specific situation. Bank statements, proof of down payment funds, purchase agreements and necessary letters of explanation (LOE) may be required to formally complete your application.