topic Re: How far out did you get your closing date? in Mortgage Loans

How far out did you get your closing date?

PdxGirl — Fri, 08 May 2015 18:44:57 GMT

How far out from closing did you get a closing date from your lender?

I'm freaking out - my realtor put on my purchase agreement that we would close by May 25. Mortgage broker said it would be tight but should be fine.

I don't know if I've actually been to underwriting. The mortgage broker submitted documents to the lender and told me I was conditionally approved after two days. I sent in all requested additional documents. That was weeks ago. We have been waiting on appraisal and got that back yesterday. We have been waiting on seller to finish requested repairs and those are done so we can re-inspect, scheduled for May 13.

I asked my mortgage broker yesterday if we are still able to close on May 25 (which is a holiday, so of course not). He says "it should be fine". He says "provided appraisal is fine then lender should be ready to send package to USDA by the end of next week" (meaning the 15th). USDA is taking about 10 days now for guaranteed loans.

"It should be fine" is not good enough for me! I'm trying to schedule movers, schedule fence builder, need to give notice at my current rental, pack...

When did you all actually get a closing date?

Re: How far out did you get your closing date?

Anonymous — Fri, 08 May 2015 18:45:42 GMT

Our USDA Direct closing was scheduled 2 months out. Ratified contract on 4/15 with a closing date of 6/15.

Re: How far out did you get your closing date?

Anonymous — Fri, 08 May 2015 18:50:06 GMT

Our offer letter, submitted 03/08 by our broker's agent, called out 04/15.

Our original commitment letter from our loan officer called out 04/02, which would have been tight, but doable, if we hadn't gone for the Energy Efficiency Mortgage and needed the extra time to get quotes from contractors.

We ended up closing on 04/15.

Re: How far out did you get your closing date?

nuggets321 — Sat, 09 May 2015 13:19:04 GMT

I would only give you this little bit of info to save you the drama that I am going through.... My closing date listed on contract is "Thur May14".... thats 4 "business" days away and 6 calendar days away and I STILL have NO a clear to close from my lender (Mortage Solutions of Colorado). There are some key words in your lender's statement ( "provided appraisal is fine") My loan type is USDA Guaranteed and these appraisals must include "health and safety" considerations be listed in appraisal... long story short my appraisal listed a repair to the sheet vinyl in basement were condition of value... ( was immediately professionally repaired, however the SAME appraiser MUST come and verify and document repairs and complete and updated appraisal, he has been unavailable since repair) I MUST be out of my current rental on 5-14 as new tenant takes posession the 15th.... I HAVE NOWHERE TO GO ! I padded my timeline (or so I thought) by two weeks as my loan officer told me that Apr30 was "not going to be an issue"...

In any event , I have found that saving the last half of rent or even a month is NOT worth the stress and anxiety of where I will house my wife and 12 week old baby If I dide this again I absolutely would not give notice until after closing with keys in hand... just sayin'

Re: How far out did you get your closing date?

ezdriver — Sat, 09 May 2015 15:47:57 GMT

@PdxGirl wrote:
How far out from closing did you get a closing date from your lender?

I'm freaking out - my realtor put on my purchase agreement that we would close by May 25. Mortgage broker said it would be tight but should be fine.

I don't know if I've actually been to underwriting. The mortgage broker submitted documents to the lender and told me I was conditionally approved after two days. I sent in all requested additional documents. That was weeks ago. We have been waiting on appraisal and got that back yesterday. We have been waiting on seller to finish requested repairs and those are done so we can re-inspect, scheduled for May 13.

I asked my mortgage broker yesterday if we are still able to close on May 25 (which is a holiday, so of course not). He says "it should be fine". He says "provided appraisal is fine then lender should be ready to send package to USDA by the end of next week" (meaning the 15th). USDA is taking about 10 days now for guaranteed loans.

"It should be fine" is not good enough for me! I'm trying to schedule movers, schedule fence builder, need to give notice at my current rental, pack...

When did you all actually get a closing date?

You can't do anything about the process/length of process time of financing a home. The lender controls just about everything. I work for a national builder and our buyers often don't receive confirmation of a closing date/time until a day or so before closing. That's just the way it works. The closing agent has to wait for the lender to deliver a complete financing document package before scheduling the actual closing.

Re: How far out did you get your closing date?

sports1965 — Sat, 09 May 2015 17:35:19 GMT

5 weeks after offer acceptance

Re: How far out did you get your closing date?

frugalQ — Sat, 09 May 2015 23:58:11 GMT

Our builder put our close date in the contract....7 months out. Our builder was ready to close on the date in the contract. It was our lender who caused the delay.

Re: How far out did you get your closing date?

PdxGirl — Mon, 11 May 2015 15:46:19 GMT

Thanks everyone for the replies, especially Nuggets321...so sorry for you! But it will all work out in time.

Re: How far out did you get your closing date?

Anonymous — Tue, 12 May 2015 00:51:28 GMT

We are still in underwriting at this time; but our appraisal is done and today my LO told me she expected us to close on our FHA loan sometime between June 16th (the soonest) and June 30th (what she felt would be the latest).

Re: How far out did you get your closing date?

BusyREBuilder — Tue, 12 May 2015 20:40:12 GMT

We had a three week close from offer acceptance - but I already had pretty much everything in to my lender and had just gotten out of a contract on another house.

Re: How far out did you get your closing date?

Anonymous — Wed, 13 May 2015 01:51:20 GMT

28 days

Re: How far out did you get your closing date?

PdxGirl — Wed, 13 May 2015 21:16:22 GMT

Still don't know my closing date...mortgage guy still thinking it will be May 25, but we need a re-appraisal done. It's a UDSA loan, so the original appraiser has to physically come out and verify that a repair was done. All that was need was to put a strap on the water heater, which the seller did immediately, and the realtor sent in photos. Who would fake that??? But the appraiser has to come out. And they are backed up since the market is crazy.

but..."should be fine". Ha ha.