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Contributor
jess985
Posts: 76
Registered: ‎05-01-2012

Waiting for the clear to close ( I think )

1/04  Applied for mortgage loan. Sent in W2s, paystubs, bank statements and LOEs. File was sent for full underwriting approval, so there would be no issue once we picked out a house.

 

1/17  Told that we were approved but that all dispute comments needed to be removed from credit report.

 

1/24  Signed contract on home.

 

1/25  Signed electronic documents, received GFE

 

1/29  Credit reports repulled, dispute comments removed.  Signed more electronic documents, received new GFE

 

1/30  Home inspection done, no major repairs needed.

 

2/01  Was told to pick a closing attorney so they could start the title work.

 

2/04  Appraisal done

 

2/06  Appraisal report sent to lender, house appraised at 10,000 more then we are paying for it.

 

2/08  Sent in updated bank account statements and most recent paystubs.

 

   Am I right in thinking that we are getting close to the end of this process?  Our expected closing date in our contract is 3/22/13 but I was told by my realtor that if things continued to move along this smoothly, we could close as soon as the end of this month.

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

Re: Waiting for the clear to close ( I think )

If everything is in order you can get a Clear to Close at any time now. Once you get the Clear to Close you just set a date for closing. Can be as fast as the next day (depending on Title Company), or whenever you want after that.

 

From my experience, you will hear something back this week, and possibly close.

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Waiting for the clear to close ( I think )

+1, When I got to the point where you are now, I closed within a week. Our home process went from 12/31/12 - 2/6/12.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Contributor
jess985
Posts: 76
Registered: ‎05-01-2012

Re: Waiting for the clear to close ( I think )

Wow, that would be so exciting if we got the clear to close sometime this week!  This has been the most nerve racking experience of my life and I am so ready for it to just be over with!  I will keep everyone posted on the situation.

Contributor
jess985
Posts: 76
Registered: ‎05-01-2012

Re: Waiting for the clear to close ( I think )

Well we didn't get a clear to close this week, instead I got an email wendesday with a list of a few more conditions. These were pretty easy and I sent them all in the following day.

 Friday, I received another email asking for updated bank statements to show we have the funds and reserves needed to close, Last four paystubs, and to get our home owners quote switched to an actual policy with the starting date of 2/28....   Was told that they are waiting on title search and hud 1 to come in.  

I wonder if this means that they will try to have us close on this loan on the 28th?  This has been one emotional ride and I am so ready for it to be over!

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Waiting for the clear to close ( I think )

Ah! They are putting you through what I went through. I had 3 rounds of conditions! 22 in total! Every time I thought I was done and was just waiting for clear to close, I got another email with more conditions! But after I sent the first 2 rounds back, I got a response within 48 hours. But after I sent in the third round of conditions back, I didn't hear a word from my LO for about 3 days! And that's when I got the call saying we were entering the next step in the loan process.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Contributor
jess985
Posts: 76
Registered: ‎05-01-2012

Re: Waiting for the clear to close ( I think )

This makes the 3rd round of conditions for me as well. I really don't know what more they could ask for... A blood sample maybe lol.  I'm just glad that they at least gave me a date to have our insurance start on.. Kind of makes it feel like we may be nearing the end of this process, but then again who knows.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Waiting for the clear to close ( I think )

You are. I will say you are about a week and a half away. The last round only had two conditions so I know they were running out of things to ask me for except a blood sample (lol) and about 3 days after I satisfied those two conditions, I received clear to close! I think you are very close! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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