07-16-2014 08:15 PM
So my LO stated i might be good to go by Next week.. thats a very generic statement but ill take it in a positive light that he means to close but i feel so lost about the process even with all of my research the end process has me boggled.. i just hired lawyer yesturday for closing services, yet i still dont have an EXACT close date (contract says 8/8 ONLY because Fannie mae automatically puts 45 days.. but i was well into the process before i put an offer in on the house because of my shaky well previously shaky credit)
Well im not sure what the lawyer does- besides title search?im not sure exactly where in the process i am ... i had an appraisal come back ok, i submitted insurance info.. what other steps are needed? i did my electronic employer verification BUT they cant actually complete that step until we are within a few days of closing so now i feel like im missing something. I dont know exact closing costs i dont know anything.. my lender is FGMC first guaranty.. my LO has been good but he doesnt give me the breakdown like myfico so i still feel lost with where im at in the process i guess... anyone deal with them or have any insight .. oh to add more complication its a 203k loan.. so i submitted my contractor package and i guess that has to be approved too... i am breaking out due to stress , mentally exhausted - i havent packed i havent even told the owner of this house im moving because of the horror stories that i read on this site im afraid something will fall through.. i am already approved through underwriting for credit/income portion- but this was before i even had a home chosen so i my 90 day credit pull expired 7/11 and when they repulled my scores jumped by 40 points for the mid score so i guess my credit is no longer an issue but im sure something else could go wrong :/
sorry im kinda venting
07-23-2014 06:18 PM
Where are things at now?
We work with FGMC on a wholesale basis, not sure how they are to work with going direct via retail. Their wholesale process, is well, not great, but it gets the job done. Since we are the loan officers we don't have to rely on them for anything like calculating closing costs, etc. since we know all of that upfront.
Not sure where you are at, but usually the title search is done very early in the process. Did FGMC tell you to get an attorney to handle that? Are you in NY?
07-23-2014 06:47 PM
Oh Shane you are my Myfico BFF in my head lol you always come through when i need.
Thats my feeling on FGMC they are ridiculous with the LOEs .. letter after letter about the same things!!! its annoying but i hear they get the job done. I started with them when i was sub 640 but now my mid score is 670 so i could have had more options but ive already put in so much work. Anywho.. i am in CT but i thought i could Fannie Mae (REO property) lawyer and i thought they would pay for closing costs *(fannie mae) but their lawyer said they wouldnt or couldnt .. although its clear as day in the contract. My lawyer is working with FGMC - my agent is just kinda there.. i felt like i knew the process so well but nothing is going how everyones elses goes on this forumn. so i am even more confused.. i try to get a breakdown of where im at but i get one of those "were moving along" emails.. i guess this is just more of a vent IDK mortgage committment due tommorrow (again i applied 4/11) and i still dont have it!! Closing should be 8/8 but i was told we could close way earlier.. well doesnt look like thats happening
07-24-2014 08:19 AM
Yeah an attorney is definitely needed in CT for the title seach & closing.
FGMC takes 3-4 business days to review conditions on this end of things, so it may also be that long in their retail department too. Most lenders are 24-48 hours to review conditions, so it can feel like nothing is happening when in reality they just have a lot of volume vs. the amount of underwriters.
Not sure what the deal is with the seller paid closing costs, you should get clarification from your agent & the listing agent. They should be able to put a clear explanation in writing for you.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.