Still waiting on clear to close. REALLY STRESSING

[OilFieldEngineer]

So I am scheduled to close on the 19th and still have not gotten the clear to close. Both the builder and the loan officer said I should schedule my utilities to be transfered for that day. Is this normal that an underwriter drags their feet for 10 days (sent everything on 2/4) after the final conditions were satisfied. I am really begining to stress over this. I did see they pulled credit again which is fine since every single one of my cards is reporting a 0 balance now as opposed to 85% reporting 0 when they pulled credit the first time. 

Is it normal for the loan officer to tell you everything is ok only to waylay you at the last minute?

[Anonymous]

I don't think they would've pulled your credit again unless you were pretty well good to go.  If anything, you have an LO who doesn't give you enough answers.  I'd apply a little pressure and ask that they tell you a little more about where exaclty you are in the process.

My 2 cents, but from the sounds of things you are just about there!  The closer you get to closing, the easier it is for inocuous things to seem threatening.  Most LO probably won't advise you to transfer utilities unless they're fairly positive your loan is going to close.  =)  Congrats, my friend.

[Mike_B03]

No personal experience but from what I've seen over time, it seems pretty normal that loan officers/lenders wait until the very last minute to give the clear to close...I don't think I've ever seen one come in 5 or 10 days ahead, always seems to be 2-3 days before at most. I don't know why either, just seems like one off those things that's done in the industry. 

[OilFieldEngineer]

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@Anonymous wrote:

I don't think they would've pulled your credit again unless you were pretty well good to go.  If anything, you have an LO who doesn't give you enough answers.  I'd apply a little pressure and ask that they tell you a little more about where exaclty you are in the process.

My 2 cents, but from the sounds of things you are just about there!  The closer you get to closing, the easier it is for inocuous things to seem threatening.  Most LO probably won't advise you to transfer utilities unless they're fairly positive your loan is going to close.  =)  Congrats, my friend.

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Thanks I am pretty sure it is just the stress of this whole process making me panic. Its hard because my fiance is not on the loan and I am overseas working. I jockied my schedule around so I get home the afternoon before the closing. I told the loan officer they are costing me almost 5 days of pay by me coming home early so they had better not reschedule the closing or I would expect the builder or the builder's lender to offset the days I would have been working since they pushed to move the closing date to the 19 vs the 28.

[Uppingmyscore]

Did you try contacting them for an update?  I think by them pulling your credit again your in the clear if all your conditions were satisfied :-)

The waiting game can drive you crazy.....I was suppose to close tomorrow now it's been moved to the 22nd.  My LO flat out told me don't expect to hear anything before Tuesday next week, because of the holiday.  Praying, I get my clear to close soon.  

[OilFieldEngineer]

I asked for the update last night before I went to bed (am on us time) the response I got when I woke up (after 5pm us time) was that I was pretty safe to go ahead and schedule utilities to be connected they were trying to get the clear to close from the underwriter. No new conditions were expected as they have probably about every piece of paper I could give them. If I had to guess maybe the underwriter is overloaded with my paperwork since they wanted statements from all three of my investment accounts and my 401 for the last year plus previous corporate taxes from my business that I sold in 2008. Like I have said before talking with my dad and guys I work with they have even said the mortgage process has become a joke with the amount of stuff they are asking for. Especially in the case where the person has the assets where the home could be purchased in cash.

Here I go again about to unleash and bash on the mortgage system again lol 

[Anonymous]

Yeah.  With your situation I really don't see them being so careless as some stories would indicate.  With all that traveling, I'd say they would be extra cautious.  It really sounds like you're home free.

[MovingForward_2012]

Yep I agree with the others. My clear to close wasn't given until the day before closing. So don't stress. It will be here very soon. My LO didn't tell me to transfer utilities over! Your LO must be pretty confident! :-) Congrats!

[Uppingmyscore]

I have followed your story and at this point I think you're good as GOLD.  Hang in there and congrats in advance.    

[OilFieldEngineer]

Thanks for all the encouragement I am scheduling utilities now. Guess better to be prepared than to not also gives me more leverage I guess to push that they get it closed on schedule.