topic Re: November 2020 Closers in Mortgage Loans

November 2020 Closers

Anonymous — Thu, 01 Oct 2020 17:42:18 GMT

Excited for the next chapter of our lives. listed condo for $234,900 and got the asking price after 2 days on the market which set a new record in our condo complex. Found our dream home while the condo was listed

Listed- $350,000

Offered- $356,000 with $6,000 back for closing cost.

down payment- $35k

Locked in rate-3.15 with 1 point

My mid score of 664

Wifes mid a score of 668

Inspections are 10/6

The closing date on both properties is 11/6

Re: November 2020 Closers

Anonymous — Fri, 02 Oct 2020 03:57:02 GMT

New Construction

Purchase Price: 557,223

DP: 8%
Loan Amt: $510,400

Loan Type: Conventional

Mid Score: 624

Close Date Tent: 11/12

In Underwriting with Builders Lendor.. Had some conditions which were just met so waiting to see if that raises scores for better rate... right now sitting at 3.625

Re: November 2020 Closers

CreditOnTheRise1 — Sat, 03 Oct 2020 02:14:50 GMT

Finally excited to post on here after fixing my credit on my own and raising my mortgage scores over 100 points on average in 6 months.

New Construction in Houston suburbs.

Purchase Price - $287k

DPA - 3.5%
Lender credit - $7500 towards closing cost

Loan Type - FHA

Mid-Score - 671

Rate - Not Locked

House completion Date of 11/19.

Closing Date estimated at 11/30.

I'm super nervous because I've been working on this for sooooo long! I just took my loans out of forbearance to keep my DTI low. I'm in the home stretch and now every move I make is extremely calculated and strategic and lots of overthinking going on. I've had two credit pulls so far but my broker says we can't lock a rate until 30 days from expected close so I'm waiting to pull the last credit report. I've utilized AZEO for the last 4 months, got all collections deleted except one. The last one is Portfolio Recovery and they said they delete after 30 days from the payment which was 9/15. So hopefully by the end of the month I can pull the final credit report and lock a good rate. Estimated rate right now from my LO is 3.4 due to the DPA of 3.5%.

Re: November 2020 Closers

Anonymous — Sat, 03 Oct 2020 13:04:27 GMT

This is great! I'm glad I can finally post mine on here.

New Construction

Purchase Price - $254k

DP - 3.5%
Lender credit - $11k towards closing cost

Loan Type - FHA

Mid-Score - 679

Rate - Not Locked, was estimated 3.5%

Closing Date estimated 11/30

I am waiting on my credit reports to update balances as nfcu decided to report prematurely last month. But I am hoping I can get my mid score just a few points higher to maybe get me a better rate.

It's been a long time coming... I'm in my mid 30s, kids are teenagers, I've been trying for years but just never been in the place to be able to purchase, until now. Super excited, but also my anxiety is through the roof that something bad will happen! Fingers crossed that we can all sail through this smoothly.

Re: November 2020 Closers

Anonymous — Tue, 06 Oct 2020 03:28:31 GMT

Purchase Price: $226,500

Down Payment: 10%

Product: Conventional 30 year

Mid-Score: 697

Rate: 3.5 (locked)

Closing Date: November 6

Inspection went well. Waiting for appraisal to be scheduled. File sent to underwriting week of 9/28. Haven't heard anything from them. I'm a nervous wreck.

Re: November 2020 Closers

Anonymous — Wed, 07 Oct 2020 02:22:20 GMT

Purchase Price: $525k

Down Payment: 5%

Product: Conventional 30 year NFCU

Mid-Score: 681

Rate: 4.125 (floating)

Closing Date: November 16

Waiting for the appraisal then headed to final underwriting.

@Anonymous glad to hear I'm not the only one who is a nervous wreck! Fingers crossed everything goes well for you!

Any one closed/closing with NFCU? I'm so nervous for underwriting and just wondering how others fared.

Re: November 2020 Closers

Anonymous — Wed, 07 Oct 2020 07:54:27 GMT

How has the process been for NFCU?

Re: November 2020 Closers

Anonymous — Wed, 07 Oct 2020 07:55:27 GMT

I think we are all a nervous wreck.

@Anonymous wrote:
Purchase Price: $226,500
Down Payment: 10%
Product: Conventional 30 year
Mid-Score: 697
Rate: 3.5 (locked)
Closing Date: November 6

Inspection went well. Waiting for appraisal to be scheduled. File sent to underwriting week of 9/28. Haven't heard anything from them. I'm a nervous wreck.

Re: November 2020 Closers

Anonymous — Wed, 07 Oct 2020 15:08:19 GMT

Working with NFCU has been decent.

Highlights we've experienced:

Obtained Pre-approval very quickly (within 3 days) with less than perfect credit.
Loan Officer has been good with communication considering the covid circumstances. Typically calls/emails within 24 hours of us reaching out.
Requested documents are standard and straightforward

and some lowlights:

Communication with our loan processor (person after loan officer) leaves much to be desired. We typicallly wait ~7 days for any type of communication even for simple questions like "Have we received the appraisal back?" or "When do you think we will move to final UW?".
Final UW is pretty backed up and your file apparently doesnt get sent to final UW until your're about 3 weeks or less from closing, regardless of how far out you set your closing date (we set ours 90+ days out, back in July!). This obviously puts us buyers in a tight position if any issue arises from UW so close to closing.

Overall, NFCU has been good to work with so far but you definitely get the feeling that they're stretched thin as far as resources for processing loans goes. I'll provide an update once we get through UW and closing.

Re: November 2020 Closers

TacoParty — Thu, 08 Oct 2020 01:16:40 GMT

I am ecstatic to be on this list!!! It has been such a journey to get here, and I cannot wait to close and have our own place after renting for what feels like forever. October is going to be a long month.

Purchase Price: $595,000 with $10,000 going towards closing

down payment: 3.5% (FHA)

Locked in rate: 2.75% with 1 point

My mid score of 710

Pre-inspected: in the process of negotiating repairs, but they have already agreed to the big stuff like a new roof prior to closing

Closing date: 11/6!

Re: November 2020 Closers

Anonymous — Sat, 10 Oct 2020 07:00:34 GMT

Update:

Lender emailed me today to advise we will be able to lock rate on this coming Thursday when we are 30 days out!

Why is this so nerve wrecking?

@Anonymous wrote:
New Construction
Purchase Price: 557,223
DP: 8%
Loan Amt: $510,400
Loan Type: Conventional
Mid Score: 624
Close Date Tent: 11/12
In Underwriting with Builders Lendor.. Had some conditions which were just met so waiting to see if that raises scores for better rate... right now sitting at 3.625

Re: November 2020 Closers

Anonymous — Sun, 11 Oct 2020 22:50:45 GMT

Update: As of this morning my mid score jumped to 665. Lender gave me conditions and out of the two, settling the only collection on Experian jumped my Fico 8- 77 points in itself. Waiting on the Collection from TU to update and my CC's to report. I wil be crossing a threshold which is currently at 9 so I will go under 8.9. Hoping for more of a jump. They will do a rapid rescore tomorrow with my cc payments.

Hoping and praying for another large jump to at least 700 so I can get their jumbo loan at 5% down. Since we already put down $15K for ED our cash to close would be super low adding in the builder incentives and HealthCare worker credits

Re: November 2020 Closers

Anonymous — Tue, 13 Oct 2020 18:51:03 GMT

Listed- $128,000.00

Offered- $128,000.00

down payment- $8k

Locked in rate-3.17

My mid score of 650

Inspections is done and the appraisal is done as well

The closing date should be 11/16-more like 11/27

Re: November 2020 Closers

Anonymous — Wed, 14 Oct 2020 18:16:04 GMT

Update: just checked the recent activity of the mortgage and it was sent to underwriting last night. Just wondering how long does it take to hear from underwriting?

Re: November 2020 Closers

Anonymous — Thu, 15 Oct 2020 06:06:58 GMT

I was told it could be 2-3 weeks!

Re: November 2020 Closers

Anonymous — Thu, 15 Oct 2020 17:49:02 GMT

Update:

A bit pissed right now. In the middle of packaging for a rescore I get an automated email from my loan processor that she is out of the office until the 21st! Like I am

here waiting on you since Monday and now you are out of the office! My closing is on the 12th...and we are supposed to rate lock today. Still nothing on the rescore and I don't think she did it like she said becausee there has been no inquiry hit on my Fico.

Thankfully my realtor is a bulldog and will be calling the supervisors today.

Ugh.... I heard these stories and was hoping I didn't experience this crap... but here we go.

Re: November 2020 Closers

TacoParty — Thu, 15 Oct 2020 18:22:03 GMT

@Anonymous wrote:
Update:
A bit pissed right now. In the middle of packaging for a rescore I get an automated email from my loan processor that she is out of the office until the 21st! Like I am
here waiting on you since Monday and now you are out of the office! My closing is on the 12th...and we are supposed to rate lock today. Still nothing on the rescore and I don't think she did it like she said becausee there has been no inquiry hit on my Fico.

Thankfully my realtor is a bulldog and will be calling the supervisors today.

Ugh.... I heard these stories and was hoping I didn't experience this crap... but here we go.

I'm sorry - that is so frustrating. I had to change my lender (prior to offer) because of this stuff. Its amazing how many crappy lenders there are out there. I hope the supervisor can get you a rate lock.

Communication is key in the real estate industry.

Re: November 2020 Closers

Anonymous — Fri, 16 Oct 2020 00:06:05 GMT

Purchase Price: $289,900

Down Payment: 3.5%

Product: FHA 30 year

Rate: 2.5 (fixed and locked in for 60 days)

Mid-Score: 688

Closing Date: November 30th

Very excited and beyond nervous. On July 22nd my middle mortgage score was 602 and I was denied pre-approval. Less than three months later I'm locked in at 2.5%, largely because of so much education I received on these forums.

Nervous about the underwriter doing their thing. Still doesnt feel real that I could be doing this.

Re: November 2020 Closers

Anonymous — Fri, 16 Oct 2020 00:37:02 GMT

@Anonymous I feel the same way. I'm excited and nervous. It really doesnt feel real. I look at my home listing almost everyday

Re: November 2020 Closers

Anonymous — Mon, 19 Oct 2020 07:14:05 GMT

Thankfully the Loan Consultant picked up the slack! I think perhaps it was my realters email to management. Helps to have an awesome realtor.

Rate: 3.125

Purchase Price: $555,233

Downpayment: 8.4% (needed to get to conforming)

Mid Fico: 620 (not at all what MyFico Mortgage Scores says!)

@TacoParty wrote:
@Anonymous wrote:
Update:
A bit pissed right now. In the middle of packaging for a rescore I get an automated email from my loan processor that she is out of the office until the 21st! Like I am
here waiting on you since Monday and now you are out of the office! My closing is on the 12th...and we are supposed to rate lock today. Still nothing on the rescore and I don't think she did it like she said becausee there has been no inquiry hit on my Fico.

Thankfully my realtor is a bulldog and will be calling the supervisors today.

Ugh.... I heard these stories and was hoping I didn't experience this crap... but here we go.
I'm sorry - that is so frustrating. I had to change my lender (prior to offer) because of this stuff. Its amazing how many crappy lenders there are out there. I hope the supervisor can get you a rate lock.

Communication is key in the real estate industry.

New Construction Final Walkthru: 11/10

Closing: 11/13

Back in Underwriting...the wait continues...