Underwriting is the comprehensive evaluation process lenders use to assess the risk of extending a loan. For investment properties, underwriters examine the borrower's credit history, income, assets, and experience, along with the property's condition, value, income potential, and market conditions. The depth of underwriting varies by loan type. Conventional loans require extensive personal documentation, while DSCR loans focus primarily on property performance. Understanding what underwriters look for helps investors prepare stronger applications, address potential red flags proactively, and select the loan products best suited to their financial profile.