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So I received about 7 conditions from UW one of the conditions was to pay off my car in full which I am willing to do so what are my chances that the UW will let me pay off the loan at the time of closing , and if not will they give me a guarantee that I will close after I pay off the loan in full ? would this be considered another UW review or I would get a CTC agreement with one condition ? The main reason why I ask this is because I don't want to be stuck in paying a 20K car loan and end up having no house keep in mind I am in my 2nd UW review now after clearing 6 from the 7 conditions
Pay your car off??? How come? DTI? We owe 13k on our car and weren't asked to pay it off.
You can ask the u/w to pay it off at closing, but I doubt they will allow it to be paid at closing. It's worth asking though.
Whenever I have seen this condition, the car had to be paid off, the receipt supplied to the u/w (copy of check showing funds etc) and then the u/w checks the file one last time to make sure that you have completed all the conditions. Once completed your file moves to closing. Do you have a copy of your loan commitment? That is the promise by the lender to fund your loan based on the conditions in your loan commitment being fulfiled.
Yes that was one of the conditions that I was told to do but as of now we submitted 6 conditions leaving out the car for later hoping they will allow us to pay off at closing am crossing my fingers thats they wont ask for any more conditions, paying off the car was due to the DTI