Approved! Should I lock in? VA Loan!

[Anonymous]

Just got the call from my broker and she got word from Manuel underwriter we are appoved!  Our house is being built and should be done by the end of the month.  She said appoved!  She had to tell me this three times. 

OK so can I finally be happy or is there other process to worry about?

30 Day Lock 5% house will not be ready.

45 Day Lock 5% I think she said quarter of a point $160. 

60 Day Lock 5% I think she said  point $350.

Not sure on the points I was still in shock on being appoved and just heard 5% and that is so awesome.  I think it would be worth $350 to lock at 5% right?  Need some advice? 

[ShanetheMortgageMan]

Congrats!  If it's going to be built at the end of the month, are you going to be able to close right away, or would the lender need a few days after?  Usually they need a few days after, so if you locked in for 30 days, it sounds like it wouldn't take you until your closing date, 60 days would be too much though, so 45 days would seem the appropriate amount of time to lock your rate in given the options.  However we did see rates improve a little bit today, if I was you I'd probably wait to see what tomorrow's interest rates are like - perhaps you can get 5% for 45 days at the current 30-day price.

[Anonymous]

Thanks for the reply. 

I talked with the builder and he fills there on schedule to finish around the 30th of this month.  Weather is our biggest concern.  Roof is done and there doing sheet rock.  I think they will start putting in the brick later this week.  Broker tells me she will need about two weeks once the appraisal is done.

So with being approved from Manuel Underwriter can I tell my wife we are good to go?  I have not called her today to let her know that we were appoved. 

[Desert-Rat]

Congratulations!!! Get on the phone!!!!!

[ShanetheMortgageMan]

Yeah I'd let her know the news, there should have also been a list of conditions that need to be satisfied for the final approval, if you are interested in them you can ask (IMO they should've provided you that last when they told you that you were approved).

[Anonymous]

Thanks agian for the help.  We are gettng so close. 

My Broker is local and I will give her a call in the morning to check to see if there was any conditions. 

[DallasLoanGuy]

the risk of higher rates is greater than any slim chance of improving.

i will let you decide what that means. but i know what i would do if this was my loan.

5% is SMOKIN!

[Anonymous]

House is suppose to be ready around the end of the month.  Broker said she can get this done after she has the appraisal in two to three weeks.  Two weeks puts me at around 45 days.  So if I lock tomorrow I will need to go with a 60 day lock to give me a few more days.  I have been waiting it is time to lock!  

I am going get this worked out in the morning!   Thanks for all of the reply's! 

[Anonymous]

I locked in just now. 

5.25% for 60 days.