topic Re: December 2020 Closers in Mortgage Loans

December 2020 Closers

jsecook — Wed, 28 Oct 2020 20:53:06 GMT

Figured I'd get a thread going for December Closings! Currently in contract to sell our home and in contract on a new one! Had the inspection done on our new place today. Seems to have gone well just a couple cosmetic things.

List Price: $545,000

Purchase Price: $535,000

DP: 5%
Loan Amt: $508,300

Loan Type: Conventional

Mid Score: 654

Close Date Tent: 12/12/2020

45 day Rate Lock 3% even buying down .12%. - We shopped rates and came back as high as 3.65 with one lender. The one we went with has extremely competitive rates and closing costs. Have worked with them in the past, so they were a little more helpful in shopping the PMI and cutting down the broker fees.

Re: December 2020 Closers

firemartinez1980 — Wed, 28 Oct 2020 21:07:09 GMT

New Home Build

Purchase Price: $248,000

DP: 0%
Loan Type: VA

Mid Score: 692

Close Date Tent: 12/1/2020

45 day Rate Lock 2.65%

Re: December 2020 Closers

Anonymous — Wed, 28 Oct 2020 21:25:09 GMT

I have been waiting so patiently for this post! We received our conditional approval letter today. Everything looks good - keeping our fingers crossed it all works out!

New Home Build

Purchase Price: $600,000

DP: 3.5%
Loan Type: FHA

Mid Score: 680

Close Date Tent: 12/10/2020

45-day Rate Lock: 2.5%

Re: December 2020 Closers

Anonymous — Thu, 29 Oct 2020 03:02:52 GMT

Purchase Price: $340000

DP: 3.5%

Loan Type: FHA

Mid Score: 667

Close Date Tent: 12/7/2020

45-day Rate Lock: 2.25%

So far so good. Inspection went well. Appraisal coming up. 🤞🤞🤞Offered $15k more than asking and are getting $5k from seller for closing.

Re: December 2020 Closers

peter1974 — Thu, 29 Oct 2020 10:48:23 GMT

I barely make it into the December thread:

New Home Build

Purchase Price: $345,000

DP: 3.5%
Loan Type: FHA

Mid Score: 643

Close Date Tent: 12/30/2020

Estimated rate (not locked yet): 3.0%

Re: December 2020 Closers

CreditOnTheRise1 — Fri, 30 Oct 2020 03:48:13 GMT

Hi All,

I was on the November thread but closing pushed back two weeks now. Geez this is stressful! Good luck to everyone.

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 - N/A

Loan Type - FHA

Mid-Score - 664(Transunion)

Rate - Not Locked

House completion Date of 12/10

Closing Date estimated at 12/18

In the middle of seeking new LO's. My first one didn't pay attention to my income or DTI closely when I did the contract in July, so promised things she couldn't deliver such as a different DPA program. Cutting it super close to being able to switch lenders. Builder contract lists 30 days prior to home completion as the cutoff date to change. Fingers and toes crossed. I'm a mess now!!

Re: December 2020 Closers

Anonymous — Fri, 30 Oct 2020 04:45:19 GMT

@CreditOnTheRise1

I am buying in the Houston suburbs. I can recommend 2 LO. They both gave me the same rate and offered a lender credit. I think I'd have to send it in a PM (DM?) but couldn't figure out how.

Re: December 2020 Closers

oreopanda — Fri, 30 Oct 2020 06:12:50 GMT

So, we originally posted in the new construction thread, but now we can post here.

New Construction
Location: Spring Hill TN

List Price: $648,862

Purchase Price: $648,862

DP: 0%
Loan Amt: $648,862

Loan Type: VA Jumbo loan 30 year fixed

Mid Score: 691 and 714 - they used 691

Close Date Tent: 12/07/2020

Lender: Veterans United

rate lock: 2.25%

Issues we have experienced:

1. Builder put wrong cabinet color in the basement bathroom

2. Builder changes counter distributer and they wanted us to take cultured marble with grey in all secondary bathrooms. We told them no, because it wasn't what we chose - so they agreed to put granite in all of the secondary baths.
3. Wrong tile put on the shower walls of all secondary baths (this is being corrected now)

4. One of the main walls in the basement rec room appears to be bowed out. They are working on correcting this before they lay down the carpet.
5. Wrong garage door openers installed.

We have a company coming out on 11/6 to take measurements of the windows so we can get blinds up in the house before we move in. We ahead and ordered our fridge at the end of September because they were back ordered and not scheduled to be in stock until 12/5. They are pouring our driveway and sidewalks this week also.

Appraisal is due to happen around the middle of November right before the light fixtures and other little things are being installed.

Re: December 2020 Closers

Anonymous — Mon, 02 Nov 2020 06:14:41 GMT

@oreopanda How was your experience with Vet United?

Re: December 2020 Closers

oreopanda — Mon, 02 Nov 2020 12:52:32 GMT

@Anonymous our experience has been really good so far. They matched the rate the other mortgage company offered us. We were offered builder incentives for closing if we went with the builders mortgage company, but we didn't get that warm, fuzzy feeling with the builders Mortgage company.

We started this process back in May and received conditional approval saying we would need to provide updated pay stubs and home owners insurance as our conditions. We communicated with them that we wanted to be locked in for 60 days before the election and we had daily calls with updates on rates. It was and is really easy. I highly recommend them if you are able to use a VA loan.

Re: December 2020 Closers

irod1277 — Mon, 02 Nov 2020 16:55:18 GMT

List Price: $219,900

Purchase Price: $220,000

DP: 5%
Loan Amount: $209,000

Loan Type: Conventional

Closing Date Tent: 12/17/20

Rate: 2.875%
Mid Score: 669

We had our inspection a week ago the seller is fixing some things and giving us a $500 for one of the things they don't want to fix which isn't a big deal. I was preapproved for $225k and I'm just waiting for the appraisal and underwriting to get finalized. It's my first time buying a home.

Are final closing costs usually higher or lower than the estimate?

Re: December 2020 Closers

jsecook — Tue, 03 Nov 2020 15:44:57 GMT

We were sent to underwriting yesterday. They should be requesting the appraisal shortly and currently in negotiations with the sellers on a few items on the request to remedy. Our LO thinks we should have our conditional approval with in the next week. We may try to move up closing to be the first week of december instead of the 12th of December. Really depends on how flexible the buyers on our house will be.

Re: December 2020 Closers

CreditOnTheRise1 — Wed, 04 Nov 2020 03:31:51 GMT

Applied last week with NFCU. Looking to do the Homebuyers choice. So far the LO has been pretty helpful. All the initial docs have been signed and I received a fee sheet. The rate is 4.50 which is pretty high but no PMI and no down payment. Has anyone dealt with NFCU for mortgage? I've been with them for 2 years and have a checking, savings, money market account and 2 credit cards. Trying to see if it's worth it to keep the higher rate with them as the payment estimated is almost as much as another lender who was giving me a 3.250% rate. The home is new construction and the LO said my closing date of 12/18 shouldn't be a problem as that department is moving a bit faster than others.

Thoughts? Anyone have any ideas on buying points with them?

Re: December 2020 Closers

Anonymous — Wed, 04 Nov 2020 19:49:29 GMT

After looking at about 40 houses we've finally found one that we liked and as of today passes inspection!

List Price: $266,200

Purchase Price: $270,000 with $2,500 seller concessions for closing.

DP: 0%
Loan Amt: $270,000

Loan Type: VA

Mid Score: 639

Close Date Tent: 12/04/2020

45 day Rate Lock: Locked in last night at 2.875

Re: December 2020 Closers

oreopanda — Thu, 05 Nov 2020 20:24:43 GMT

@oreopanda wrote:
So, we originally posted in the new construction thread, but now we can post here.

New Construction
Location: Spring Hill TN
List Price: $648,862
Purchase Price: $648,862
DP: 0%
Loan Amt: $648,862
Loan Type: VA Jumbo loan 30 year fixed
Mid Score: 691 and 714 - they used 691
Close Date Tent: 12/07/2020
Lender: Veterans United
rate lock: 2.25%

Issues we have experienced:
1. Builder put wrong cabinet color in the basement bathroom
2. Builder changes counter distributer and they wanted us to take cultured marble with grey in all secondary bathrooms. We told them no, because it wasn't what we chose - so they agreed to put granite in all of the secondary baths.
3. Wrong tile put on the shower walls of all secondary baths (this is being corrected now)
4. One of the main walls in the basement rec room appears to be bowed out. They are working on correcting this before they lay down the carpet.
5. Wrong garage door openers installed.

We have a company coming out on 11/6 to take measurements of the windows so we can get blinds up in the house before we move in. We ahead and ordered our fridge at the end of September because they were back ordered and not scheduled to be in stock until 12/5. They are pouring our driveway and sidewalks this week also.

Appraisal is due to happen around the middle of November right before the light fixtures and other little things are being installed.

UPDATE:

Received official word the closing is scheduled for 12/14. Our pre closing walk through is scheduled for 12/4 and our build quality celebration is scheduled for 12/11!!!

Re: December 2020 Closers

Anonymous — Fri, 06 Nov 2020 18:52:50 GMT

New Construction
Location: Amelia, Ohio (Near Cincinnati)

Purchase Price: $236,555

DP: 3.5%
Loan Amt: $232,269

Loan Type: FHA 30 years

Mid Score: 667

Close Date Tent: 12/4/2020

Lender: NVR Mortgage

rate lock: 2.99%

So excited to finally post this!!

Re: December 2020 Closers

jsecook — Fri, 06 Nov 2020 19:34:57 GMT

@jsecook wrote:
Figured I'd get a thread going for December Closings! Currently in contract to sell our home and in contract on a new one! Had the inspection done on our new place today. Seems to have gone well just a couple cosmetic things.

List Price: $545,000
Purchase Price: $535,000
DP: 5%
Loan Amt: $508,300
Loan Type: Conventional
Mid Score: 654
Close Date Tent: 12/12/2020
45 day Rate Lock 3% even buying down .12%. - We shopped rates and came back as high as 3.65 with one lender. The one we went with has extremely competitive rates and closing costs. Have worked with them in the past, so they were a little more helpful in shopping the PMI and cutting down the broker fees.

Appraisal is ordered and will be done on 11/9! Title is in process. Our loan processor said she'd let us know if she needs anything further from us! Just plugging along. Sellers agreed to our Request to Remedy and we agreed to our buyers Request to Remedy. Just waiting on our buyers VA Appraisal to be scheduled.

My husband loath this process as he is a control freak, and so many things, namely the underwriting process, are out of his control so it sends his anxiety through the roof. Our LO has been great which helps the process.

I do have a question, when you are approved via DU, does it make the underwriting process easier? Does it just mean the UW is just verifying everything you submitted to be acurate and factual? Or is the UW process the same regardless of DU or Manual Underwrite? May be a silly question but it just popped into my head.

Re: December 2020 Closers

Anonymous — Fri, 06 Nov 2020 19:40:36 GMT

As far as I know approved via DU makes it so much easier and basically all the underwriter has to do is verify everything. We just switched lenders at the last minute. We applied Monday, she submitted everything through the DU Tuesday and got the Approve-Eligible, and then she submitted it to underwriting late Tuesday and we already got our full approval back today. Granted ours had to be done quickly because we had to give our builder confirmation of our lender today so we had to have the approval by today. But it's just an example of how quickly it can be done once you have DU approval.

@jsecook wrote:
@jsecook wrote:
Figured I'd get a thread going for December Closings! Currently in contract to sell our home and in contract on a new one! Had the inspection done on our new place today. Seems to have gone well just a couple cosmetic things.

List Price: $545,000
Purchase Price: $535,000
DP: 5%
Loan Amt: $508,300
Loan Type: Conventional
Mid Score: 654
Close Date Tent: 12/12/2020
45 day Rate Lock 3% even buying down .12%. - We shopped rates and came back as high as 3.65 with one lender. The one we went with has extremely competitive rates and closing costs. Have worked with them in the past, so they were a little more helpful in shopping the PMI and cutting down the broker fees.

Appraisal is ordered and will be done on 11/9! Title is in process. Our loan processor said she'd let us know if she needs anything further from us! Just plugging along. Sellers agreed to our Request to Remedy and we agreed to our buyers Request to Remedy. Just waiting on our buyers VA Appraisal to be scheduled.

My husband loath this process as he is a control freak, and so many things, namely the underwriting process, are out of his control so it sends his anxiety through the roof. Our LO has been great which helps the process.

I do have a question, when you are approved via DU, does it make the underwriting process easier? Does it just mean the UW is just verifying everything you submitted to be acurate and factual? Or is the UW process the same regardless of DU or Manual Underwrite? May be a silly question but it just popped into my head.

Re: December 2020 Closers

jsecook — Fri, 06 Nov 2020 19:45:41 GMT

@Anonymous wrote:
As far as I know approved via DU makes it so much easier and basically all the underwriter has to do is verify everything. We just switched lenders at the last minute. We applied Monday, she submitted everything through the DU Tuesday and got the Approve-Eligible, and then she submitted it to underwriting late Tuesday and we already got our full approval back today. Granted ours had to be done quickly because we had to give our builder confirmation of our lender today so we had to have the approval by today. But it's just an example of how quickly it can be done once you have DU approval.

Thats pretty much what I thought! We were approved through DU so I was just curious the Process. Our LO said its not fun to have a manual underwrite done. lol

Congrats on getting through the process so quickly!

Re: December 2020 Closers

Anonymous — Fri, 06 Nov 2020 19:50:27 GMT

If you have DU approval I would think the underwriting process will be simple for you! Our loan officer said that if you get approval through DU that your chances of being fully approved are very very high. And thank you! We are so happy that everything worked out the way it did! Hopefully the rest of the process goes smoothly for you and congrats on your upcoming move!