11-29-2010 09:39 PM
I a little confused about something that I hope someone can answer. The mortgage broker has me confused. Ok, we applied for a mortgage, the house passed inspection, received (verbally) that our mortgage loan app was approved, now we are waiting for appraisal. Found out today that the appraisal was due to be sent to the bank (I think) today but was not and the sellers agent called the real estate agent / mortgage broker (don't know who) today pressuring them for the results. The broker called me to tell me not to worry (actually was caught sleeping and really relaxed about things, didn't realize that something was due today).
My questions is, what next? where are we in the process? and what is the next step. Can someone explain the clear to close and closing process?
11-30-2010 02:31 AM
It sounds like the appraisal was finished up today and it's being sent in for underwriting. This could be the initial underwriting review, which may take anywhere from a few days to a few weeks to complete. Or it may be after the initial approval, when additional documents are being sent to underwriting to review, and then on average it takes about 2 days for your file to be next in line and reviewed. At that point, if everything is found satisfactory, then the final loan documents are drawn up and sent to the closing agent where you'd go in and sign in front of a notary/provide the remaining funds you owe. Depending on the lenders funding procedures the loan may fund that day, or the signed notarized loan documents need to be overnighted back to the lender for review and then the loan funds.
Not all mortgage processes are the exact same, each bank has slightly difference procedures, time lines and policies so you'll need to ask your loan officer where in the process you are, what is left and the expected time frame. Continue to ask questions until you are clear.