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Regular Contributor
Cloudlb
Posts: 227
Registered: ‎08-05-2010

I think I'm cleared to close--and they didn't even ask me for anything more

[ Edited ]

I received an email from my loan processor saying, "I just received your file back with final approval -- will be sending the closing documents to your title company."

 

Wow!  Reading these threads here I was prepared for endless hurdles. 

 

This is a conventional loan on new construction from my local credit union, and when I went in initially to get my pre-approval, I handed in all my paperwork (tax returns, bank statements, reserve info, etc.)  Got my preapproval 12/6, signed the loan application on 12/17.  They ordered the appraisal right away and the appraiser came back with their report within 2 days.  They didn't even ask for anything more other than the survey and  the insurance binder, and verification of employment. 

 

I can't believe it's been so easy.  Maybe I'm missing something?  Maybe toooo easy!  But I'm scheduled to close on Jan. 11 on my first ever home!

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: I think I'm cleared to close--and they didn't even ask me for anything more

Congrats

 

Reading these forums is a wealth of great information. While your loan went through smoothly, you were still well prepared of the different possibilities of things that can happen to delay things and sometimes reject your loan. You were even prepared by bringing all your paperwork with you, that in itself saves time.

 

After reading many of the issues on mortgage loans, I myself sometimes wonder the type of broker and or LO they are using. While some of the issues I can understand a small delay, but waiting 45-60 days and sometimes longer for approval is simply rediculous, unless it is delayed for funds availability such as a USDA loan.

 

The average turn around time in my office is 11- 16 days once application is signed. 

 

Another little bit of information is you can still obtain loans with less then a 640 credit score, not much less but much more qualifiable for some of the lower credit score people looking to purchase. 

 

Once again congrats and enjoy your new home!!!!!

 

 

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Mike_B03
Posts: 1,141
Registered: ‎11-30-2012

Re: I think I'm cleared to close--and they didn't even ask me for anything more


JM-AM wrote:

 

...but waiting 45-60 days and sometimes longer for approval is simply rediculous.

 

 

 


That's us! Today is day 46 since we originally filled out the application online with our lender. Took about a 5 weeks until our file went to underwriting where it has been for the last week and they are saying we should know something by end of next week. It has been a bit more difficult because we are self employed but also I don't think they are,in much hurry since its a new build not scheduled to be ready until June. 

Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011

Re: I think I'm cleared to close--and they didn't even ask me for anything more


JM-AM wrote:

Congrats

 

Reading these forums is a wealth of great information. While your loan went through smoothly, you were still well prepared of the different possibilities of things that can happen to delay things and sometimes reject your loan. You were even prepared by bringing all your paperwork with you, that in itself saves time.

 

After reading many of the issues on mortgage loans, I myself sometimes wonder the type of broker and or LO they are using. While some of the issues I can understand a small delay, but waiting 45-60 days and sometimes longer for approval is simply rediculous, unless it is delayed for funds availability such as a USDA loan.

 

The average turn around time in my office is 11- 16 days once application is signed. 

 

Another little bit of information is you can still obtain loans with less then a 640 credit score, not much less but much more qualifiable for some of the lower credit score people looking to purchase. 

 

Once again congrats and enjoy your new home!!!!!

 

 


I agree.. I was expecting the worst and I closed painless and with no conditions really..

 

That is why the forum is great, combine that with working with a great LO, and you are in good shape!

 

-scott

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Regular Contributor
Cloudlb
Posts: 227
Registered: ‎08-05-2010

Re: I think I'm cleared to close--and they didn't even ask me for anything more

[ Edited ]

Obviously, peoples' experiences can vary. My big hurdles came before I signed the purchase agreement, because my attorney-boss wouldn't let me sign the standard builder's contract without review of the survey, a house inspection, etc..  I think my loan process went pretty smoothly because: 

 

1) I have been working on my credit and finances for several  years, always following the advice of the forums here.  Myfico forums are invaluable!  Brought my scores up from zero to mid-700s, paid my bills on time, all my baddies had fallen off, got a good car loan, got a few credit cards, used them regularly but minimally and paid them in full each and every month.  Took me too long to learn about this stuff--wish I had when I was younger.

 

2) I did my research and was organized and prepared with all my paperwork and just handed everything over. I'm very fortunate to have a stable job history, too.

 

3) This was a conventional loan on a new construction house, so no messy FHA paperwork, and no problems with the title, etc.  Minimal problems with the house inspection and appraisal.

 

4) My local credit union is fantastic!  I had gone to a homeowner seminar put on by them back in the summer, and that gave me a lot of information on what I could qualify for and what to expect. They keep the loans and process them in house -- they are a machine!

 

I feel for everyone going through this process who are frustrated with lots of hurdles, and wish them luck and good housing!


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