Long time since I’ve posted but nervous, stressed and excited about process.
So I’ve rented all my life and out here on Long Island, rent is incredibly expensive. Always dreamed of owning and never really had the credit or funds to get through process. So over a year or two really bunked down and tried to save as much as I could. My parents live with me and my wife. With my dad being older we didn’t want to leave them high and dry so we wanted to find a place that had their own separate space but also something where we could feel like we had our own home. So we found a great mother/daughter set up that works for all of us.
After speaking with several lenders we went for a local mortgage lender who honestly has been great so far. We were pre-approved after running our credit and submitting all our bank statements, pay stubs, etc.
January 3rd we had a fully executed contract and thus started process. Holidays kind of slowed everything down but quickly picked up the 2nd week of January. Loan officer requested updated docs, attorney ordered title search, and I completed our inspection. Loan officer was incredibly detailed with creating file and making sure before sending to underwriting that he had every file they would need so it wouldn’t bounce back with tons of conditions.
Two days ago file was submitted to underwriting which is done in house. Litterally next day I got a mortgage commitment letter pending some conditions. All conditions were pretty easy such as insurance, LOEs for addresses and inquired from mortgage shopping, updated pay stubs since both my mom and I got raises and the one major one appraisal. Everything was sent in so pretty much waiting for appraisal to be done and hopefully everything will be good. Title report came back good.
Fingers crossed! Lender said once appraisal is back and good we should be able to close a week or two after. Ah so stressed!
So I’ve rented all my life and out here on Long Island, rent is incredibly expensive. Always dreamed of owning and never really had the credit or funds to get through process. So over a year or two really bunked down and tried to save as much as I could. My parents live with me and my wife. With my dad being older we didn’t want to leave them high and dry so we wanted to find a place that had their own separate space but also something where we could feel like we had our own home. So we found a great mother/daughter set up that works for all of us.
After speaking with several lenders we went for a local mortgage lender who honestly has been great so far. We were pre-approved after running our credit and submitting all our bank statements, pay stubs, etc.
January 3rd we had a fully executed contract and thus started process. Holidays kind of slowed everything down but quickly picked up the 2nd week of January. Loan officer requested updated docs, attorney ordered title search, and I completed our inspection. Loan officer was incredibly detailed with creating file and making sure before sending to underwriting that he had every file they would need so it wouldn’t bounce back with tons of conditions.
Two days ago file was submitted to underwriting which is done in house. Litterally next day I got a mortgage commitment letter pending some conditions. All conditions were pretty easy such as insurance, LOEs for addresses and inquired from mortgage shopping, updated pay stubs since both my mom and I got raises and the one major one appraisal. Everything was sent in so pretty much waiting for appraisal to be done and hopefully everything will be good. Title report came back good.
Fingers crossed! Lender said once appraisal is back and good we should be able to close a week or two after. Ah so stressed!
