Waiting is horrible

[ajzjmsmom]

We are trying to close on a mortgage in about 3 weeks time, our LO says it can be done but my stomach is in knots today.  Our apprisal was ordered on the 18th but is not back yet, realtor says she doesn't think it will be a problem getting the numbers we need and the appraisal should be back any day now.  Our file was sent to UW late on the 20th and wiating to hear back from them, LO says we have a boring file with no negatives, no debt and a DTI with mortgage of 22% of net income.  Our loan processor asked for an explantion on the money in a savings account and the ages of everyone on the tax return, said that was all she needed. I will be so glad when this is over, doesn't help that on Thursday the movers will be here to load and then Friday we are headed for TN with or without a mortgage.  Never intended on buying so soon but with interest rates set to climb we decided to bite the bullet and buy a house.

[ShanetheMortgageMan]

It's better to have a "boring" file than a tough one.  Waiting does stink, but if your file is strong then most likely there is nothing to worry about.  You should get a conditional loan approval from the underwriter any day now, which will list the remaining items they need in order to draw up your loan docs for the signing, one of which will be the appraisal.  Nothing you can do at this point other than wait, so might want to just enjoy family time or some wine.

[DallasLoanGuy]

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@ajzjmsmom wrote:

We are trying to close on a mortgage in about 3 weeks time, our LO says it can be done but my stomach is in knots today.  Our apprisal was ordered on the 18th but is not back yet, realtor says she doesn't think it will be a problem getting the numbers we need and the appraisal should be back any day now.  Our file was sent to UW late on the 20th and wiating to hear back from them, LO says we have a boring file with no negatives, no debt and a DTI with mortgage of 22% of net income.  Our loan processor asked for an explantion on the money in a savings account and the ages of everyone on the tax return, said that was all she needed. that is a pretty short list.... and 21 days is very doable.   I will be so glad when this is over, doesn't help that on Thursday the movers will be here to load and then Friday we are headed for TN with or without a mortgage.  Never intended on buying so soon but with interest rates set to climb we decided to bite the bullet and buy a house.

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[babyeyes00]

I know the feeling.  Im in the process of underwriting now.  I am a super impatient person and I am trying my best not to bug my LO.  I was scheduled to close on Friday but was told yesterday that it was pushed to next week.  I will be glad when all of this is over.  I have my appraisal done so I am not sure if I would get a conditional close or what? Good luck to you and I hope that you close soon

[ajzjmsmom]

We got our appraisal back yesterday and it came in $5,000 above our offer, so very relieved about that.  We sent all the paperwork in the day before that the UW asked for but our LO's assisant said the UW told them to wait until the appraisal came back so she would only have to do one review.  They did call and ask me to call the insurance company to have them change the date on the declarations page to March 4th and our realtor ordered our home owners warranty that the seller is paying for.  Hubby talked to the LO yesterday and he said we would close late on the 4th, so we get to have our household goods delivered into our house instead of into storage.  I am just ready to get the call that says we are clear to close.