topic Re: How long after conditions to closing? in Mortgage Loans

How long after conditions to closing?

fishone4 — Wed, 16 Oct 2013 03:08:09 GMT

Long story short, I got the call Friday that I made it through underwriting and was approved. Happy Dance. Today at work I check my email and have one from my Loan officer. Great we have a closing date. Wrong we have conditions. After working 12 hours and driving 40 mintutes home, I scramble to get all the conditions met.

Divorce papers showing I was once XYZ, Page 5 of bank statement ( I checked all my sent emails and page 5 was included in the last one I sent) , Explaination of inquiries from the last 120 days. Funny thing is only I have 1 within that time frame and it was from the bank for my pre-approval, all others dated from late last year and early this year. I explained them all and provided statements showing balances, which all are $0.00. All have been sent tonight so they will get them in the morning when the bank opens. Can anyone give me a small ray of hope on how long it will take to close. Can it happen this week?

Re: How long after conditions to closing?

Gladius — Wed, 16 Oct 2013 03:13:46 GMT

Is it a new construction or turn-key?

Re: How long after conditions to closing?

fishone4 — Wed, 16 Oct 2013 03:14:57 GMT

turn- key

Re: How long after conditions to closing?

Gladius — Wed, 16 Oct 2013 03:18:52 GMT

Depends on how soon they can get loan paperwork ready. After you submit final paperwork, LOEs, bank statements, etc., it could be from 2 -4 weeks depending on the LO work load. You should get the closing date and a GFE on costs soon though.

Re: How long after conditions to closing?

fishone4 — Wed, 16 Oct 2013 03:27:12 GMT

All papers, statement, etc have been submitted. I have been through underwriting, appraisal etc. Was told Friday Underwriting approved me, but today was sent an email stating conditions. I have sent all needed information to meet those conditions. Are you telling me it will be another 2-4 weeks. I have my GFE and my closing date was set for Sept 27 but was moved forward, because my 203K contractor backed out and I had to find another one. Luckily the home seller needed more time also.

Re: How long after conditions to closing?

Gladius — Wed, 16 Oct 2013 03:26:46 GMT

Upwards. It depends on the LO workload. Does the house need an inspection?

Re: How long after conditions to closing?

fishone4 — Wed, 16 Oct 2013 03:30:50 GMT

Inspection and appraisal done last month, both came back fine.

Re: How long after conditions to closing?

kimmiller112 — Wed, 16 Oct 2013 16:12:52 GMT

Last Wednesday late afternoon, my LO emailed me with the final condition regarding underwriting. I emailed them the information Thursday around noon. I got my final approval yesterday and my closing is set for Friday morning. My LO told me that the paperwork they produce takes 2 days to prepare.

Re: How long after conditions to closing?

DallasLoanGuy — Thu, 17 Oct 2013 01:27:16 GMT

every lender is different..... just depends on how many files are ahead of you.

if there is none in front of you then i would say 1 day to clear conditions andanother day to get docs ready would be plenty of time.

i have seen it done in a couple of hours on special rush jobs.....

just depends.

your loan officer should be able to timeline it for you