We're close (I think)

[MrsP]

So, we got our pre-approval, we made our offer, the sellers agreed, we signed the contract, had the inspection, and now we're waiting for the appraisal and documents to sign from the mortgage company.  We're close right?  Once we sign the papers with the mortgage company does that constitute our mortgage commitment?

[DallasLoanGuy]

sounds like those papers will only be a loan application.... not a commitment

have you been thru underwriting?

[MrsP]

I'm not sure.  How would I know if we'd been through underwriting?  The company that we're dealing with is a direct lender as well as an approved lender through FHA.

[DallasLoanGuy]

have you signed a loan ap?

provided w-2s and paystubs and bank statements?

[MrsP]

I e-mailed our "mortgage guy" and asked and he told me that the papers he's sending for our signature are an application and disclosures.  He also called me and said that our loan was approved and "in process" and that we won't get a commitment until the appraisal is done.

I just don't want to get done to the wire after going through all this for someone to say "oh, sorry.  You've been denied a mortgage".

[DallasLoanGuy]

Then you haven't been thru underwriting. Prbably just got an automated approval.

Underwriter just checks eveything in the file and makes sure the data input into automated underwriter is acceptable/provable

[MrsP]

So does that mean that there is still a chance that we will not be approved for a mortgage?

[DallasLoanGuy]

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MrsP wrote:

So does that mean that there is still a chance that we will not be approved for a mortgage?

---

yes. but if the loan officer is half decent, then they put good info into the system

who is the lender?

[MrsP]

That's not good.  We've come so far in the process based on the idea that we wouldn't have a problem getting approved.  The company name is Jersey Mortgage.  The guy assured me that he wouldn't have "wasted his time" if didn't think we would get our approval.  Was that just a sales pitch?

[DallasLoanGuy]

it is probably solid.

as long as he verified income/assets you should be golden