topic Re: what is next to finish mortgage? in Mortgage Loans

what is next to finish mortgage?

Jon123 — Thu, 16 Apr 2015 00:20:01 GMT

So we have a house picked out

completed the Purchase and sale agreement

completed Home inspection

completed water test

completed Radon test

completed mortgage application

completed all paperwork to LO, (bank statements/W2's/2 years of taxes/pay stubs/

completed the Interest rate lockin, (%3.625) 30 year fixed

got a closing date (5/21/15)

---

having apprasel done this week.

still need to complete-home insurance

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what am I missing?

Thanks

Re: what is next to finish mortgage?

frugalQ — Thu, 16 Apr 2015 15:14:35 GMT

the 'best' part of all....underwriting! LOL

your LO should give you a breakdown of their process and what to expect in the coming weeks up to closing.

congratulations!!

Re: what is next to finish mortgage?

Jon123 — Thu, 16 Apr 2015 21:37:03 GMT

My understanding is that the Credit Union is going to hold the loan.

is that the underwriting part?

Re: what is next to finish mortgage?

Anonymous — Thu, 16 Apr 2015 21:40:48 GMT

Underwriting leads to closing!

Re: what is next to finish mortgage?

frugalQ — Fri, 17 Apr 2015 12:24:15 GMT

Underwriting is when the lender takes all of the documents you've provided and go over your entire file with a fine tooth comb. It's the final approval process.

Sandibeach is right.....underwriting leads to closing. Every loan has to go through it.

If your CU is going to hold the loan, they will underwrite it in house.

Re: what is next to finish mortgage?

DallasLoanGuy — Sat, 18 Apr 2015 02:05:37 GMT

looks like you have plenty of time.

they will likely wait for the appraisal to submit to uw

Re: what is next to finish mortgage?

Jon123 — Sat, 18 Apr 2015 13:34:00 GMT

yes,

we have an Addendum on the inspection at this point,

an underground heating fuel tank has to be removed,

we are in a very cold weather climate so this is actually not that unusual , or at least thats what I was told,

yes,

we need to have the apprasal come back good,

not terribly worried about this, but we will see.

Re: what is next to finish mortgage?

Jon123 — Sat, 25 Apr 2015 15:11:06 GMT

Received the mortgage commitment letter,

With a couple items to take care of,

They wanted more pay stubs, -sent-

Home buyers education course, -done and sent

Copy of deposit contract and cleared check- done

Now I wait?

Mortgage L,O, said closing date of 5/21/15 is still on track

Just not sure what else is required. Or expected from us?

L,O, did say they are going to do a credit refresh within 10 days of the closing,

Am I free to start using my credit lines again once this happens?

Feel like the last 2 months we have been handcuffed with our finances

Re: what is next to finish mortgage?

Anonymous — Sat, 25 Apr 2015 15:20:56 GMT

Jon has been jumping through hoops lately, got all tired, and said-

"Now I wait? "

Yep.

Re: what is next to finish mortgage?

Lemmus — Sat, 25 Apr 2015 15:59:02 GMT

...patience is whats required next ...you'll learn

...absolutely no new or increased debt until after you close ...except with explicit approval of your LO ...if they pull new debt they can put you back in uw purgatory ...and just because they say 10 days before won't stop them from doing it again the day before if anyone wants to scratch an itch ...when you have your keys, you can free your ccs ...hth

Re: what is next to finish mortgage?

Jon123 — Sat, 25 Apr 2015 16:40:45 GMT

lol,

I know

just like the Military,

GO,GO,GO,

now wait,

Re: what is next to finish mortgage?

frugalQ — Sun, 26 Apr 2015 03:17:44 GMT

Don't do anything credit wise until you close.

Re: what is next to finish mortgage?

Anonymous — Mon, 27 Apr 2015 14:50:26 GMT

The underwriters are going to go through all your documents. In particular, they will want to know the source of any large deposits into your checking/savings account as well as the reason for any recent credit inquries. Don't do anything like apply for a CC or another loan (ie - auto loan). It's mostly a waiting game with possibly providing more information the underwriter requests.

Re: what is next to finish mortgage?

Jon123 — Tue, 28 Apr 2015 00:47:49 GMT

How the Heck!!!

how strong is a signed purchase and sale agreement that has been signed by all parties?

now the other agent is claiming another offer has come in on the house we are in the proccess of buying for more than our amount on the purchase and sale agreement.

our finance company has told us this is a done deal once the Title search and appraisal come back, these are scheduled to be done later this week,

feel like a low way to get us to increase our offer,,

I shall not,, even if I have to have the attorney give them a call.

has this happened before /

Re: what is next to finish mortgage?

frugalQ — Tue, 28 Apr 2015 02:39:58 GMT

If you have a signed contract with purchase price and signed by both parties, They can't come back and try to rescind their offer.

Ha, they have seller's remorse. Too bad for them!

Good luck!!!

Re: what is next to finish mortgage?

Lemmus — Tue, 28 Apr 2015 02:52:07 GMT

@Jon123 wrote:
How the Heck!!!
how strong is a signed purchase and sale agreement that has been signed by all parties?
now the other agent is claiming another offer has come in on the house we are in the proccess of buying for more than our amount on the purchase and sale agreement.

our finance company has told us this is a done deal once the Title search and appraisal come back, these are scheduled to be done later this week,

feel like a low way to get us to increase our offer,,

I shall not,, even if I have to have the attorney give them a call.

has this happened before /
??

...you need to start a new thread ...you won't attract many responses on this thread

Re: what is next to finish mortgage?

Jon123 — Wed, 29 Apr 2015 21:42:29 GMT

so update

got financing date

5/14/15

got appraisal date

5/8/15

septic is scheduled to be pumped on

5/7/15

as for the previous "problem"

my attorney called the other realtor and majically the other offer was retracted.

strange how that works,

Re: what is next to finish mortgage?

Anonymous — Wed, 29 Apr 2015 23:13:27 GMT

as for the previous "problem"
my attorney called the other realtor and majically the other offer was retracted.
strange how that works,

It's great how that works, huh?