topic Re: Closing in DECEMBER- #pinsandneedles in Mortgage Loans

Closing in DECEMBER- #pinsandneedles

Kismetavah — Sat, 16 Nov 2019 02:49:26 GMT

I am going through New American Funding for my home loan. My experience has been pretty straight forward so far. I gave all of my docs upfront (w2, bank, income, tax info) and got a preapproval. I found a home within a couple days of preapproval. I have provided the earnest check, gotten inspection, appraiser came out on Tuesday (still waiting to see what the house is appraised for) Anyone know how long that takes?

I got a message from the loan processor stating that they need home insurance quote. My closing date is supposed to be for December 12th! I am a first time home buyer- so I really don't know what to expect but I just know that I am stressed.

Ya'll are the best. This group has helped me get my credit straightened out and now hopefully in position to close on a home. So appreciative of the guidance.

Re: Closing in DECEMBER- #pinsandneedles

ldkcivilservant — Sat, 16 Nov 2019 11:48:21 GMT

Appraisal usually takes 7-10 days, it's really just writing up the report rather than any real work per se - although I guess it take a little time to find comparables depending on your location.

If you are working on the home insurance, first check with your auto insurance provider. We saved 30% on our auto insurance with Farm Bureau when we added home insurance and became a 'multi-line' (rather than multi car) customer.

Re: Closing in DECEMBER- #pinsandneedles

CreditInspired — Sat, 16 Nov 2019 15:02:34 GMT

@Kismetavah wrote:
I am going through New American Funding for my home loan. My experience has been pretty straight forward so far. I gave all of my docs upfront (w2, bank, income, tax info) and got a preapproval. I found a home within a couple days of preapproval. I have provided the earnest check, gotten inspection, appraiser came out on Tuesday (still waiting to see what the house is appraised for) Anyone know how long that takes?

I got a message from the loan processor stating that they need home insurance quote. My closing date is supposed to be for December 12th! I am a first time home buyer- so I really don't know what to expect but I just know that I am stressed.

Ya'll are the best. This group has helped me get my credit straightened out and now hopefully in position to close on a home. So appreciative of the guidance.

Everything is moving along as it should. Enjoy the ride.

Re: Closing in DECEMBER- #pinsandneedles

homeloanexpert — Sun, 17 Nov 2019 13:18:54 GMT

@kismetavah

It appears things are progressing the way they should be. Just make sure you and the Loan Processor are step and step and on the same path. Be diligent with providing any documents the lender calls out for. Once your loan is approved by the Underwriter, you can expect another round of conditions in order to clear your file to close. This is normal, so don't stress out. Go with the flow and provide them with whatever additional documentation or LOEs (letter of explanations) the UW is requesting. Soon you can start packing then you'll get your keys!

Best wishes to you.

Re: Closing in DECEMBER- #pinsandneedles

Kismetavah — Mon, 18 Nov 2019 21:09:48 GMT

Soo... my appraisal came back 30K over the purchase price. Excited to have some equity.

Re: Closing in DECEMBER- #pinsandneedles

CreditInspired — Mon, 18 Nov 2019 23:14:48 GMT

@Kismetavah wrote:
Soo... my appraisal came back 30K over the purchase price. Excited to have some equity.

WooHoo. That's niceeeee

Re: Closing in DECEMBER- #pinsandneedles

JVille — Mon, 18 Nov 2019 23:58:22 GMT

Did you get your Fire/Homeowners Insurance info in to the Processor. You file won’t be put into Underwriting without the “Real” premium reflected in the pmts and DTI ratios.

Re: Closing in DECEMBER- #pinsandneedles

Bees18 — Fri, 22 Nov 2019 23:14:32 GMT

@homeloanexpert

Out of curiosity what other conditions would they make someone go through after it goes through underwriting? I thought that was what underwriting was for?

Trying to learn as much as I can since we are about to do this.

Re: Closing in DECEMBER- #pinsandneedles

Bees18 — Fri, 22 Nov 2019 23:16:18 GMT

@kismetavah

how did you find working with NAF? We are thinking of applying there. What type of loan did you guys go with? They have the 3% down right? Did they make you do an inspection as well as the appraisal or was that your choice?

Re: Closing in DECEMBER- #pinsandneedles

Kismetavah — Sat, 23 Nov 2019 04:38:21 GMT

@bees18

I searched top mortgage companies and NAF, Quicken and a few other ones came up. I searched quicken first and then I didn’t like some of the reviews. I searched NAF and the reviews were fairly decent. Even though I applied online, I liked that they had an office not too far from me (although I never used the office)

I put down 3.5% and did a FHA loan. Yes, they set up both the inspection and appraisal (we didn’t have a choice).

I’m about 3 weeks out from Close and hoping that everything continues to go smoothly!