Mortgage Loans

[mikki3398]

We have been preapproved through manual underwriting, picked our house, and are under contract. We are now going through all of the steps before closing (appraisal, underwriting again, etc). I am so anxious about the possibility that we could be denied after going through underwriting again that I am having a hard time sleeping and concentrating. I wish there was a way for them to just get it over with. Because our home is new construction, we are supposed to go pick out the carpet and granite for the countertops, but I don't even want to do that because I am so worried that I am getting my hopes up and getting attached to the house and it will all fall through. How do you get through all of the uncertainty? What do you think the chances are that we may be denied after being approved by underwriting once? I hate that something that should be an exciting and happy time is made miserable by all of the stress and anxiety I am feeling

[webhopper]

Yes it will end with you having keys in your hand. With it being new construction you will have better options if something turns up on the appraisal or if it comes in low. Its a lot easier to ask for a price reduction from a builder than it is if you were buying from individual sellers. If you were dealing with individuals who are underwater; they may not be able to lower the price if the appraisal comes back low... as they don't have the financial resources to bridge the gap. Overall I think you are just going to be fine. Its comforting to know that they approved you as a borrower up front. That way you can feel confident knowing that your credit; income; cash reserves; and employment history are all adequate at this time.

Good luck!

[thankfulheart]

I feel your pain!  I take comfort in knowing that the LO and UW have already put a lot of work into the process and they don't get paid until I get my keys, so they must be pretty confident.  Unless something major happens on your credit between now and closing, you should be just fine. I've been comparing it to pregnancy and childbirth...lots of joy, mood swings, and pain, but in the end, a beautiful baby/home!

[Shogun]

When it's over you will feel the burden lifted.  Good luck in your new home.

[mikki3398]

I went and picked out our granite and carpet today. I am feeling a little less stressed. I have a meeting tomorrow with our LO to go over paperwork and documents and I am hoping that will give me a little more peace of mind. I just want my keys and to move in already!