Mortgage Loans

[JM-AM]

Makes sense but banks never make things easy. Lol

If your file is denied cause of your LOE you will know.

Second time around they just check credit see if any changes additional debts and if no changes to reports then your good. Then updated bank statements to see same type of deposits as before, no major withdrawals, no additional deposits that cant be explained. Then if all good there they issue clear to close.

Paperwork sent to title company, they set first available date for closing.

Once at closing you will sign papers for a few hours. Lol

[Mike_B03]

Soooo...can I finally share with friends and family that we bought a house...2 months ago?! Hahaha. 

[tooleman694]

What happens if the price of the house went up since the file went to underwriting.

Like you got approved and then your Wife said we need to add something on the house bringing up the price a couple grand.

We got approved in UW for 290k, but now we are looking at 295k.

[JM-AM]

Usually allows a small tolerance but check with your LO or Broker.

[Mike_B03]

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tooleman694 wrote:

What happens if the price of the house went up since the file went to underwriting.

Like you got approved and then your Wife said we need to add something on the house bringing up the price a couple grand.

We got approved in UW for 290k, but now we are looking at 295k.

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Probably going to depend on how close to the DTI limit you are.

Our LP actually told us we are the limit and cannot add anything else to the house, but luckily we went all out for everything we wanted at the design center when we first bought the house. We actually even made two contingent lists ourselves with "Cuts A" and "Cuts B" if they came back and said we can't qualify for the full amount, to be ready to make cuts to options to bring the loan amount down. 

[JM-AM]

Mike I believe in not jinxing myself. Until I signed the papers I would be patient.

Besides its much more surprising to move in and invite over for dinner or bbq in your new home!!

[Mike_B03]

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JM-AM wrote:
Mike I believe in not jinxing myself. Until I signed the papers I would be patient.

Besides its much more surprising to move in and invite over for dinner or bbq in your new home!!

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Really? So hush hush for the next 6 months until it's built? I don't think I can do that, it would be too odd, especially since my family is here local. Plus it would be fun to share with them and go see the house as it's going up, part of the experience. Of course if the loan doesn't go through at closing, then it would be extra disappointing with everyone knowing.

[tooleman694]

We are within the DTI limits, just wondering if that will drag out underwriting the second time around. It was like a month process the first time we did it.

Samething Mike is going thru right now.

We close April 2nd and they said shortly before we close we need to do the UW process again. how long does it take.

[JM-AM]

Second UW usually 24 hour turn around. But YMMV depending how busy they are. Just yesterday on second review for client took 2 hr turn around for clear to close.

[tooleman694]

So when should I be contacting them to run me the second time with an April 2nd closing.