Question about closing

[Anonymous]

Hi,

We were pre-approved for a mortgage, found a house, made an offer, signed purchase agreement and loan was sent to underwriter a couple weeks ago.  Our closing date is May 27th, about 2 weeks away. 

Our LO told us to go ahead and put our notice in to vacate our apartment and the sellers are also getting their things packed up and ready to move.

Is it typical to be in limbo with the loan this close to the closing date?  If something goes sour with the underwriter we won't have a place to live and the sellers of the house we bought will also be in a pickle because they are in the process of moving their things.  Am I worried too much?  Our LO said he hopes to hear something next week...one week from closing date.  It seems to be cutting it close...I'm new and very inexperienced about this process.

Thanks for your help...

[mauve]

I found that I had to wait for my loan to get to the front of the UW's queue.  Once it was at the top of her list, I got conditional approval by 3pm.  I got conditional approval on April 18th, and had everything satisfied except for having proof of funds for my closing costs by the 20th.  Since I was still working that out (it was coming down to the wire), my LO asked and got the UW to change that condition to a condition to close, not a condition for approval.  Once all the conditions were considered complete, there was a "2-2.5" day thing that had to happen (reviewing my approval conditions?  I'm not sure.), and once I got clear to close they needed to schedule the actual closing.  We (thankfully) made my April 28th date.  Ask your loan officer where you are in the queue on the underwriter's desk.     

[Anonymous]

Thanks Mauve...what a stressful process this can be!  Not to mention the amount of money being thrown around for this and that...

I'll find out where we are in line with the UW...