When can I celebrate...and start setting up utilities?

[Anonymous]

So I received an updated mortgage committment letter today.  According to the processor all she needed was a letter of explanation about a deposit that I made.  I wrote that letter and sent it to her.  She received it. 

My closing date is 11/2.  

So can I start calling utility companies, or do I need to wait longer?  

I just don't want to start celebrating, and setting up utilties if there's more hoops I need to jump through.  

Thanks!

[rockymtngrl]

Has your loan been thru underwriting yet? When you get the clear to close you'll know your almost there.

Personally I have never celebrated until all the papers are signed and the keys in my hand.

I remember one time we bought a house and after the closing I told my husband lets run to the car in case they change their minds, I would'nt even let him stop to go to the bathroom in the building! lol

[Anonymous]

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@rockymtngrl wrote:
Has your loan been thru underwriting yet? When you get the clear to close you'll know your almost there.

Personally I have never celebrated until all the papers are signed and the keys in my hand.

I remember one time we bought a house and after the closing I told my husband lets run to the car in case they change their minds, I would'nt even let him stop to go to the bathroom in the building! lol

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Yep.  The request from my processor for a letter explaining a deposit I made was aa condition of the underwriter. 

And I totally get what you mean about not celebrating until keys are in hand.  But I do have to get utilities set up prior to the closing date.  

[Anonymous]

Are there people occupying the property? Around here they typically don't let you setup utilities until the previous owner has setup to disconnect theirs. We didn't do any of that we left the closing table. Too many things can go wrong but it just figures nothing did lol

[Anonymous]

Yep, they're still living there.  But I can't wait until the day of closing to set up utilities, or the moving company.  The moving company may not be available for weeks if I wait until closing, and if I go through the final walkthrough and the utilities are shut off, there's no way to know if there's a problem. 

Unless utility companies can start brand new accounts and turn utilities on in a matter of minutes?

[Anonymous]

I alerted my utility company that when the owners went to disconnect, to just switch it over in my name. They can't put it in your name without the last owner's permission here anyway. I did it 3 days before my actual closing. I live in a small town, so nothing takes long to do here.

Message Edited by lexxpoke on 10-17-2009 09:07 AM

[rockymtngrl]

Thats what we've always done. Anywhere we have lived they have never let us set up utilities until the previous owner has set up the disconnect. So you can just let them know when its disconnected to switch it to your name. If you live in a really big metro area you may have to keep calling back every couple of days to see if the disconnect is scheduled because they may not take your info until then.

[DallasLoanGuy]

Without having intimate knowledge of your ile, I couldn't tell you whether to proceed or not.

Deals do die at closing. Rare though..... Especially if the loan officer is good.

[ShanetheMortgageMan]

I'd recommend you hold off on setting the dates up until you have the clear to close from underwriting.

[Anonymous]

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@ShanetheMortgageMan wrote:
I'd recommend you hold off on setting the dates up until you have the clear to close from underwriting.

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Thank you everyone!  I guess because I've never done this before I just have lots of questions.  Will the loan officer actually say "you have the clear to close"?  Or am I just suppossed to assume when it comes out of final review that I have the clear to close?  The processor said that it went back to underwriting for a final review.  So then they'll tell me clear to close when it comes out of final review?

Thanks again!