Closing in two weeks, so many questions

[Anonymous]

This is my first home purchase, so I have lots of questions.  My lender is putting my file through automated underwriting today, and scheduling the appraisal for sometime this week.  My middle mortgage score is 669 as of last Friday, debt to income ratio is good, income is good. 

What are the next steps? 

Do they do another soft pull before closing, or is the two week prior to closing close enough? 

If automated underwriting approves it, are we 100% sure that I'm going to get the house?  

I am so anxious!

[irunfromcredit]

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@Anonymous wrote:

This is my first home purchase, so I have lots of questions.  My lender is putting my file through automated underwriting today, and scheduling the appraisal for sometime this week.  My middle mortgage score is 669 as of last Friday, debt to income ratio is good, income is good. 

What are the next steps? 

Do they do another soft pull before closing, or is the two week prior to closing close enough? 

If automated underwriting approves it, are we 100% sure that I'm going to get the house?  

I am so anxious!

---

Congrats on the home purchase....it is a big deal and I can relate to all the nerves!!  I just closed on my home last week.

But to answer your questions, and this was my experience.  After the AU, I was approved with conditions.  Some of the conditions were for my lender to meet and some were for me to meet.  Most of my conditions were writing letters of explanations which I did. When and if you do get your conditions, get them met as soon as you can. If you don't submit everything, it can derail your loan.  Once all the conditions are met, they resubmit for final approval.  This can take a couple of days, but it's fast.  There is a chance that you may get more conditions, but from what I have read and my experience if you have a good team (Loan officer and processor), they will make sure that they have everything they need for the underwriters.  Once you get the final approval then it can go lightening fast, It was two days between final approval and closing for me. During that time, you get the final closing disclosure (you should get an estimated CD 3 days before close).  But the final CD should outline loan amount, terms, closing costs, and how much to bring to the closing.  And regarding credit pulls, I have read that they can pull your scores at any time and it can be a hard pull or soft pull.  For me, they did a soft pull right before the closing.  And I'm sure you are aware, don't do anything that will change your credit file, no new accounts, no credit pulls and no major spending...wait until you have your keys in your hand.  Oh, and to quickly answer your question about approval after AU, I think I gave a rather lengthy answer, but no it is not 100% that you are approved if you are approved by AU, but your are one step closer to the final approval.

Good luck!!!!!

[me12345]

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@irunfromcredit wrote:

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@Anonymous wrote:

This is my first home purchase, so I have lots of questions.  My lender is putting my file through automated underwriting today, and scheduling the appraisal for sometime this week.  My middle mortgage score is 669 as of last Friday, debt to income ratio is good, income is good. 

What are the next steps? 

Do they do another soft pull before closing, or is the two week prior to closing close enough? 

If automated underwriting approves it, are we 100% sure that I'm going to get the house?  

I am so anxious!

---

Congrats on the home purchase....it is a big deal and I can relate to all the nerves!!  I just closed on my home last week.

But to answer your questions, and this was my experience.  After the AU, I was approved with conditions.  Some of the conditions were for my lender to meet and some were for me to meet.  Most of my conditions were writing letters of explanations which I did. When and if you do get your conditions, get them met as soon as you can. If you don't submit everything, it can derail your loan.  Once all the conditions are met, they resubmit for final approval.  This can take a couple of days, but it's fast.  There is a chance that you may get more conditions, but from what I have read and my experience if you have a good team (Loan officer and processor), they will make sure that they have everything they need for the underwriters.  Once you get the final approval then it can go lightening fast, It was two days between final approval and closing for me. During that time, you get the final closing disclosure (you should get an estimated CD 3 days before close).  But the final CD should outline loan amount, terms, closing costs, and how much to bring to the closing.  And regarding credit pulls, I have read that they can pull your scores at any time and it can be a hard pull or soft pull.  For me, they did a soft pull right before the closing.  And I'm sure you are aware, don't do anything that will change your credit file, no new accounts, no credit pulls and no major spending...wait until you have your keys in your hand.  Oh, and to quickly answer your question about approval after AU, I think I gave a rather lengthy answer, but no it is not 100% that you are approved if you are approved by AU, but your are one step closer to the final approval.

Good luck!!!!!

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irunfromcredit nailed it... That's exactly what happens next. 

[kjade1030]

You nailed it!  Wow, I wish I had clients that were all like you!!  

[Anonymous]

Thank you for your input!  So far, you've been right on the money.  They did have to come back with conditions twice, and closing was delayed for nearly two weeks, but I got my clear to close last night, and closing is scheduled for Friday morning. 

Due to closing being pushed back, I had to use a credit card to stay in a hotel for two weeks, but my lender said it should be okay.  The only possible issue is if this increases my DTI on my last soft pull before closing on Friday, and I really hope it doesn't.  

I'm so anxious to close and just be done with this process.  It is SO stressful!  

[GetMeSlick]

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@irunfromcredit wrote:

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@Anonymous wrote:

This is my first home purchase, so I have lots of questions.  My lender is putting my file through automated underwriting today, and scheduling the appraisal for sometime this week.  My middle mortgage score is 669 as of last Friday, debt to income ratio is good, income is good. 

What are the next steps? 

Do they do another soft pull before closing, or is the two week prior to closing close enough? 

If automated underwriting approves it, are we 100% sure that I'm going to get the house?  

I am so anxious!

---

Congrats on the home purchase....it is a big deal and I can relate to all the nerves!!  I just closed on my home last week.

But to answer your questions, and this was my experience.  After the AU, I was approved with conditions.  Some of the conditions were for my lender to meet and some were for me to meet.  Most of my conditions were writing letters of explanations which I did. When and if you do get your conditions, get them met as soon as you can. If you don't submit everything, it can derail your loan.  Once all the conditions are met, they resubmit for final approval.  This can take a couple of days, but it's fast.  There is a chance that you may get more conditions, but from what I have read and my experience if you have a good team (Loan officer and processor), they will make sure that they have everything they need for the underwriters.  Once you get the final approval then it can go lightening fast, It was two days between final approval and closing for me. During that time, you get the final closing disclosure (you should get an estimated CD 3 days before close).  But the final CD should outline loan amount, terms, closing costs, and how much to bring to the closing.  And regarding credit pulls, I have read that they can pull your scores at any time and it can be a hard pull or soft pull.  For me, they did a soft pull right before the closing.  And I'm sure you are aware, don't do anything that will change your credit file, no new accounts, no credit pulls and no major spending...wait until you have your keys in your hand.  Oh, and to quickly answer your question about approval after AU, I think I gave a rather lengthy answer, but no it is not 100% that you are approved if you are approved by AU, but your are one step closer to the final approval.

Good luck!!!!!

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Thats a whole lot details. 

Congrats OP.