Can anything go wrong from here.....Scheduled to close 6/30/2010

[SCTeach28]

My loan officer called me on Friday and told me that my closing file was sent to the attorney.  The underwriting had approved my loan with conditions of receiving my deferment letter about 2 weeks prior.  I am scheduled to close on June 30, 2010 at 2pm.  I am OVERLY EXCITED!  Is there anything that could happen between now and then to stop closing.

I would like to say THANKS TO EVERYONE!  I have been a lurker on here since November 2009 and I have found some great advice to get me to where I am now. 

[Anonymous]

To answer your question, yes things can go wrong.  It is a good sign that they have scheduled closing in a couple days, but things do eomtimes come up.  I would want to make sure that the deferrment letter had no conditions (or most underwriters will not accept it).  IN any case, good luck.

[SCTeach28]

Thanks for the advice mickie08.  The underwriter has signed off on the deferment letter and has given the final approval.  My loan officer said that the attorney should be getting in touch with me on Monday to inform me how much to bring to closing.  I am going to stay content until I get those keys in my hands though.  At this point, I would be heart broken if something came up. 

[bassethoundmom]

Sorry for my ignorance guys but what's a deferment letter?  I have a close date of 7/20/10 and I was wondering when it's safe to give 30 days notice?  I haven't seen anything with deferment in the title? 

[SCTeach28]

bassethoundmom....I'm not sure when you should give your 30 day notice, maybe someone else can help with that question. 

I am currently in school until 2012 and I needed a letter from my student loan lender stating that my loan is in deferment until 2012.  My lender did not use my student loans to determine my DTI because my first payment is going to be more than 1 year from the date of closing. 

[bassethoundmom]

Thanks for your reply, I realized you were talking about student loans, after I posted

[Anonymous]

Every file is different. I can only tell you my experience.

Last  Tuesday my LO told me that I got final approval from UW and my file was sent to the attorney. It's just a matter that the attorney review my file and approve it. I was scheduled to close on Friday at 10 AM.

On Wednesday afternoon I was told that my insurance coverage was lower than loan amount. I talked to Geigo agent, she put it in declaration page that I have 20% extended coverage for dwelling, which put me well above loan amount. After sent the new declaration page to LO, then to the attorney, I was waiting for the green light.

I have not heard anything from LO till 6 PM Thursday afternoon, so I called my LO to check. There was no final HUD-1 because the attorney did not find proof of my earnest money. Even though everything was in my file (title company receipt of earnest money, bank statement to show the check was cashed), I sent in another copy. The UW for my case was off that day. Fortunately my LO found another UW to review the paper and sign it off. So she left a message to the attorney at 7 PM to tell him that earnest money was approved.

Friday morning 8:30 AM, the closing agent told my realtor that she doesn't have the final HUD-1. My closing was postponed from 10 AM to 2 PM, the last slot she was available that day. At 11 AM my realtor and I met at the property to do the final walk through. When we were done, we waited outside and chatted, not knowing whether we were be able to close or not. 11:30, both the closing agent and my LO called us. We got the final approval from the attorney. I went to bank to get the cashier's check, picked up my DH, and went to the title company. 45 minutes later, we finished signing everything. It was the easiest part for this 2-month journey.

So, I can't say there won't be anything go wrong between UW approval and closing. But don't think there would be anything serious enough to stop you from closing. Keep in touch with your LO and realtor. They will tell you what you need to do and help you as best as they can. After all, they don't get paid if you don't close.