06-20-2012 12:10 PM
I am getting frustrated with our lender but since I don't have a lot of experience in mortgage approval, this may be par for the course.
We got our commitment letter 6/11. There were approximately 20 "conditions". I was able to get everything back to them within 24 hours. Yesterday, I got a 2nd commitment letter with 10 more conditions - sent everything back within 4 hours. We are scheduled to close 6/29 (next Friday). I feel like we are in limbo until we get final approval and when I speak with my LO, I feel like she is frustrated with me. But my questions are simple. My question right now is how long between final approval and actual close? Does it have to be 7 days or can it be the day before? Everything else is in place for our move except our loan .
06-21-2012 05:23 AM - edited 06-21-2012 11:18 AM
We got our clear to close at 2pm and was sitting at the closing table at 5:30pm on the same day..
I'm not really sure this is the normal though.. and it depends on when the title company (or wherever you are closing at) has a time slot. I do also think it may vary from state to state..
06-21-2012 06:39 AM
I had final approval on tuesday, and by wednesday i was signing final loan docs and title papers. Its all depended on how fast the closing department can get your file together for the title company.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO