Anyone else anxiously awaiting pre-approval?

[ejm201]

So thought I would make this for other people who are also waiting for a pre-approval. Please list date you submitted app and name of lender. I am waiting for my LO at NFCU after submitting documents this morning at 11:30AM. It's 5PM and no word. Is no word yet a good thing here? In the past, they would let me know I have been denied right away.

The waiting is so hard! Do LOs and UWs understand the mental flips buyers are doing while we wait?!

Alright, got that out, I'm good!

[Abelcrdn]

What are your details?

[Anonymous]

I think you know even before asking that nobody can say this a good sign.. this long of a wait means this.. etc. The truth is purchasing a home there are MANY waits and anxiety points in the process...

Preapproval
Finding a house
Inspection
Appraisal
Getting final clear to close
Closing

All of the above can have many different twists and turns and delays. I am not going to tell you to just relax because that would make me a HUGE hypocrite but all you can do is be upfront with agent and loan officer and get them anything they ask for as quickly as you can when they ask.

Outside of that set up a weekly check in time with the LO to keep updates on progress of the loan.

Best of luck!

[ejm201]

Not sure what you mean by this. I will say this:

Income: 75k
CC debt is just the 910/1599 (care credit) this will paid by next month. Had to wait due to some kids school shopping needed.
Best buy is 0/650
Visa 0/500
Cap One 25/600

Auto: $6000/18000 have 3 years left to pay but plan to pay if off by tax time.

Education: 48k (NEVER defaulted)

One 30 late pmt w/ best buy over $5 after 6 years of ALL on time pmts.

2 medical collections from 2 years ago

And one 2014 school collection dispute from an unpaid class due to missing cancellation deadline.

Mortgage scores as of Monday night from FICO3B:

EQ 605
TU 624
EX 628

Think these will go up another 10-15 points across the board based on my projections by next month, but definitely by close.

[Anonymous]

According to the processor at NFCU, the UR team has been in meetings most of the week, which seems to have delayed things...including my Clear to Close...

Hard to be patient, that's for sure!

[iced]

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@ejm201 wrote:
So thought I would make this for other people who are also waiting for a pre-approval. Please list date you submitted app and name of lender. I am waiting for my LO at NFCU after submitting documents this morning at 11:30AM. It's 5PM and no word. Is no word yet a good thing here? In the past, they would let me know I have been denied right away.

The waiting is so hard! Do LOs and UWs understand the mental flips buyers are doing while we wait?!

Alright, got that out, I'm good!

---

My wife and I did a pre-qualification in March and it took less than 24 hours to get approved (DCU), so hopefully your wait isn't too long. We didn't find a property in time so we never took it past that point, though. We'll try again early next year.

[kjade1030]

My co preapproves people in less than an hour if you provide all of your documents to us for review....you can't wait forever in this market (at least in Maryland!) or the house will be gone!