@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:Purchase Price - $205,000
Signed Contract - July 1, 2017
Location - Florida
Property Type - Single Family Home
New or Existing - Existing
Loan Type - 30 year FHA
Loan Rate - 4.1
Pre-approval - 3/1/17
Appraisal - 7/11/17
Clear to Close - 8/2/17
Closing Date - August 8!! Moved down from the 15th!!
Closed on - TBD
Cleared Underwriting on 7/11 as well. Appraisal came in $3k short so we worked that out. Just waiting for clear to close now and a good rate to lock in.
Just a bit of an update...rate locked at 4.1 two days ago. I'm happy with the rate!
Had a hang up with the seller having an open insurance claim on the roof still showing. They had the roof replaced last year and the claim was settled but they haven't closed it out so we had to get a letter from the company stating it's settled for my policy to be completed. That was done yesterday finally. At least on my end everything has been done. My loan officer says we should have the clear to close by Wednesday once the survey is done. So that's good news. Also told him I'm game to close early if the sellers are. Close date still set for 8/15 though. So we shall see if we can close earlier!!
Got the clear to close today and the original close date on 8/15 was lowered to 8/8!!!! Six days and counting!!!!! Woot woot!!
Congrats! We are close date twins.. ours got moved from the 11th to the 8th! 
Finally my turn!
Purchase Price - $203,000
Signed Contract - July 5, 2017
Location - Maryland
Property Type - Condo
New or Existing - Existing
Loan Type - 30 year fixed conventional
Loan Rate - 5.25 (I know, I know; see additional info below)
Pre-approval - June 2, 2017
Appraisal - July 11, 2017
Clear to Close - July 26, 2017
Closing Date - August 4, 2017
Closed on - August 4, 2017
Closed this morning! My process was surprisingly smooth. I am admittedly not thrilled with the loan rate, but I had a middle score of 691, put 3% down at a "big box" bank, was determined to go conventional, decided on lender-paid mortgage insurance instead of borrower paid PMI, and had lender credits toward closing costs. So all that being said, the interest rate isn't great and I will certainly be on the lookout for refinancing opportunities in the future, but I had a relatively simple and easy pre-approval, application, and closing. Say what you will about big box banks, but my loan officer was super responsive and on the ball every step of the way, and we had a rapid 30-day closing. All in all, I'm a happy first-time homeowner!
@Anonymous wrote:CONGRATS TO YOU, WHAT A BLESSING!! We plan to close by end of the month, got appraisal ordered today. May I ask why the interest rate with a 691 median score? Also, did you rate shop?
Thank you! And good luck with your appraisal! That was one of the more nerve-wracking waits, but my appraisal came in at $204, $1,000 over the purchase price. Appraisals coming in at or near the contract price seems to be the trend lately, according to my realtor.
As to your question, I did shop around, though not as formally as I probably should have. Even with a 691, I was quoted for rates around the 4.75-5% range, primarily because I was putting 3% down and wanted to go conventional. I know that it's probably a no-brainer for most to go with the lowest rate quoted and I respect that. But for me personally, I crunched the numbers and vacilated between FHA and that upfront PMI premium, and lender-paid insurance vs. borrower PMI, and weighed that against the lender credits my final lender offered toward closing and prepaids, I determined that I could not only afford the price difference, but also that it is more cost effective for me to stick with the 5.25 conventional in the short-term. Plus, I was entirely comfortable and confident in my lender, and that's something you can't put a price on for the biggest financial decision in my life. Of course, within a few years it will certainly wind up costing more. I am eyes wide open on that, and on the refinancing that lies in the near future. At the end of the day, though, I've had a rocky financial past, have been rebuilding for years, and even with the comparatively high rate, getting this done still counts as a win for me!
Understood, definitely a great feeling of accomplishment when good credit wasn't always the case. I know that feeling. We're using VA as my husband is a veteran and rate shopped between 3 lenders and chose the best considering all aspects and the overall picture with interest rate and closing costs as well. My husband doesn't want to worry about refinancing later on and honestly I don't either as it creates closing costs again. Nevertheless, congrats and go enjoy your new home