05-17-2011 09:29 AM
So I finally got the approval that we are cleared to close on the refi tonight at 5:30 and the broker has scheduled the closing for tonight.
We are supposed to close five hours and four minutes from now, but I haven't seen a scrap of paperwork. No HUD form, no sample mortgage documents to review, nothing.
I don't even know how much the certified check for closing needs to be written out for at the bank; the broker says they are waiting for the title company to prepare the HUD, we've been waiting since late last week. And they definitely won't take a personal check.
I told the broker that they are cutting it rather close, especially since I work (otherwise I wouldn't have qualified). I let them know I really need the HUD form by lunchtime today, so that I could review it, go to the bank (20 minutes away) and get a certified check made up.
Ordinarily I could take a late lunch, except I'm in meetings most of this afternoon. My bank closes at 5 pm, the same time I get out of work. Now I'm worried I'll lose the loan if the title company refuses to send the HUD - or if they simply send it so late that I can't get to the bank in order to get a check. My schedule for the rest of the week precludes the option of scheduling a closing until at least Saturday, if closings are even done on weekends, I don't know.
I can't recall not being given this information well in advance of a closing before. This feels unusual to me.
For the mortgage pro's out there and others who have recently closed on a mortgage loan, how much warning were you given regarding funds to bring to close? Were you given the chance to review any paperwork before closing? I had asked the broker about previewing the paperwork, and was told I should just "sign everything" and if I didn't like it, I could back out after the fact, up to three days later.
thanks for any guidance here.
05-20-2011 02:10 AM
Hopefully you have your keys in hand now - but how much advance notice depends on if the loan is closing on time or not. If it's on time, and there is some time to spare, you could get the HUD-1 several days ahead of closing. If the closing has been extended, then likely it'll be close because with extensions you usually just ask for about how much time you need, and it's some law that things always take longer than you think, so that is why in those situations the HUD-1 isn't available until the day before or even the morning of.