topic Re: Conditional Approval Question in Mortgage Loans

Conditional Approval Question

Anonymous — Sat, 09 Nov 2019 23:04:05 GMT

Hello everyone,

I received a conditional approval, they asked me to complete a form which showed four inquires and some addresses to verify. The inquiries were from checking into refinance opportunities, two companies in August and then the inquiry from this company. The fourth was a personal loan that will be paid off by the cash out (by the mortgage company) and they are aware of that and my minor credit card balances which will pay off as well.

Is there anything that I should be worried about with this? I am going through New American Funding.

Also, if anyone else has used New American funding - if I receive final approval how long until I would likely close?

Thank you so much,

Re: Conditional Approval Question

JVille — Sat, 09 Nov 2019 23:16:14 GMT

Write simple explanations just as you wrote here. It is normal for them to ask. Brief one sentence answers and then sign and date.

Re: Conditional Approval Question

Kismetavah — Sat, 16 Nov 2019 02:41:46 GMT

Hi Lizbethann,

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. I got a message from the loan processor stating that they need home insurance quote. Late October is when I found the home and received a closing date of Dec 12th.

Hang in there... it will all be ok!

Re: Conditional Approval Question

Anonymous — Tue, 19 Nov 2019 03:28:58 GMT

Thank you- I received the closing disclosures last Thursday so I thought we were headed in a good direction. Friday they said they had two final things to check and then they had that by noon. I know it can take 24 to 48 hours for a final review but I called today to ask about the possible closing date. She said - not for awhile you have signed closing disclosures and everything takes time. I said I had signed those on Thursday and that I do understand it is a time consuming process but that I would like to have a closing date. They are now “checking”. I am very disappointed—

Re: Conditional Approval Question

JVille — Tue, 19 Nov 2019 04:51:00 GMT

If your file was the only file needing processing and underwriting things would go quickly!
Have you seen the Appraisal and Title Report? Have Inspections been completed and repairs done? Have you provided the processor your Fire Insurance info? Is this a purchase or refi? If a purchase what was the Contractual Closing date?

Re: Conditional Approval Question

MauiMan85297 — Tue, 19 Nov 2019 18:22:27 GMT

You've already signed the CD so that when your final approval comes in you can sign that day or next day (depending on what time the final came in). It doesn't sound like much time is needed- probably in QC check right now and it's other files an UW has to look at as well as yours.

Re: Conditional Approval Question

Anonymous — Tue, 19 Nov 2019 20:56:19 GMT

I am grateful to say it looks like there was a miscommunication on both sides and things are moving forward, so grateful for their work

Re: Conditional Approval Question

Bees18 — Fri, 22 Nov 2019 23:22:35 GMT

@lizbethann

Do they make you pay off your credit card balances before approving you for a loan? Do most lenders do this?