topic Re: February 2021 Closers in Mortgage Loans

February 2021 Closers

Anonymous — Sat, 16 Jan 2021 03:55:28 GMT

Hello all. I didn't see one of these around so I decided to start a thread for those of us closing in February. This is my third attempt at closing on my first home. Third time's the charm?

Copied from a former thread:

Purchase price -
% Down -
Product -
Mid score -
Rate -

Estimated Close Date:
Possible issues -

Re: February 2021 Closers

Anonymous — Sat, 16 Jan 2021 04:00:58 GMT

Purchase price: $875,000
% Down: $0
Product: NFCU Homebuyers Choice Fixed
Mid score: 733
Rate: 4.125% (not locked)

Estimated Close Date: 2/26
Possible issues: 30 day late 8/2019 and 10/2017? I've peppered Target with GW letters to no avail in an attempt to get rid of the 8/2019 late.

We accepted the sellers counter offer about an hour ago. We're not entirely sure if we're going to move forward on the NFCU product. We're considering other options.

Re: February 2021 Closers

sxa001 — Sat, 16 Jan 2021 06:36:01 GMT

Good luck on closing. I hope it works out for you!

Re: February 2021 Closers

Abelcrdn — Sat, 16 Jan 2021 15:48:49 GMT

Purchase price: $529,950
% Down: 10%
Product: Us Bank Conventional
Mid score: 698
Rate: 2.99 (Locked)

Estimated Close Date: 2/26
Possible issues: I've been dealing with identity stuff that finally got resolved back in December. 2 days ago (before my last HP) they added an account to my reports tanking Equifax & Experian about 90 points. I was able to call Equifax & Transunion to get them removed bumping my score back up 88 points. Experian didn't change either way. Im

Hoping nothing gets added in the next week. Us Bank said the UW should pull my reports again the beginning of next week.

Re: February 2021 Closers

800who — Sat, 16 Jan 2021 20:55:09 GMT

Purchase price - $285k
% Down - 3%
Product - 30 conv.
Mid score - 757
Rate - 2.875%(not locked)

Estimated Close Date: 12 Feb
Possible issues - house isn't finished being built at this time, waiting on appraisal, appraisal waiting on builder...

Re: February 2021 Closers

Anonymous — Mon, 18 Jan 2021 00:56:16 GMT

Purchase price - $440k
% Down - 3%
Product - 30 conv.
Mid score - 696 (mine) 705 (husband)
Rate - 2.99% (not locked)

Estimated Close Date: 2/19
Possible issues - Mistakenly charged $375 on a card with a $750 CL between the due date and statement date. 🤦‍♀️ My prior utilization was 1% worried it will drop my mortgage score. Last late payment was 12/2019 on ex husband's mortgage that my name still happed to be on. We were preapproved when we made the offer but I will be anxious about being denied until the papers are signed! 🤞🤞🙏🙏

Re: February 2021 Closers

Anonymous — Mon, 18 Jan 2021 16:49:56 GMT

@Anonymous wrote:
Purchase price: $875,000
% Down: $0
Product: NFCU Homebuyers Choice Fixed
Mid score: 733
Rate: 4.125% (not locked)
Estimated Close Date: 2/26
Possible issues: 30 day late 8/2019 and 10/2017? I've peppered Target with GW letters to no avail in an attempt to get rid of the 8/2019 late.

We accepted the sellers counter offer about an hour ago. We're not entirely sure if we're going to move forward on the NFCU product. We're considering other options.

Roofing inspection scheduled for tomorrrow. The house was built in 1940 and the sellers listed the roof as a original. They bought the house in 2000 and had no roofing work done the entire time they've lived there. The general inspection happens on Thursday. My realtor is still working on scheduling chimney and pool inspections.

I hope everything runs smoothly. The sellers are showing strong signs of having seller's remorse. They're moving to be near their grandkids but have said they never really thought the house would sell.

@sxa001 wrote:
Good luck on closing. I hope it works out for you!

Thank you. We'll need it

Re: February 2021 Closers

Anonymous — Mon, 18 Jan 2021 16:52:28 GMT

@Anonymous wrote:
Purchase price - $440k
% Down - 3%
Product - 30 conv.
Mid score - 696 (mine) 705 (husband)
Rate - 2.99% (not locked)
Estimated Close Date: 2/19
Possible issues - Mistakenly charged $375 on a card with a $750 CL between the due date and statement date. 🤦‍♀️ My prior utilization was 1% worried it will drop my mortgage score. Last late payment was 12/2019 on ex husband's mortgage that my name still happed to be on. We were preapproved when we made the offer but I will be anxious about being denied until the papers are signed! 🤞🤞🙏🙏

I've totally done that in the past and it's burned me early in my home search process. Since then, I've created a calendar with dates cards are clear to use. I can't wait until the home buying process is over so I can stop being a huge ball of anxiety.

Re: February 2021 Closers

nastalgia — Mon, 18 Jan 2021 22:35:49 GMT

Purchase price - $459,900 appriased for $467,000 (inspections completed)
% Down - 0%
Product - NFCU Homebuyers Choice Fixed 30 yr conventional
Mid score - 739
Rate - 3.725% (not locked in)

Estimated Close Date: Feb 1ST
Possible issues - Consoluted an old student loan on to my Navient account and its showing up as a New account but loan officer says that shouldn't be a problem as its not in default status

Re: February 2021 Closers

Anonymous — Tue, 19 Jan 2021 16:49:42 GMT

@nastalgia How is your experience with NFCU going? I'm not sure whether I'm going to move forward with them. I've found a local credit union that is providing the same rate and they say they're confident they can close on time. NFCU won't give me a firm commitment.

Re: February 2021 Closers

nastalgia — Wed, 20 Jan 2021 04:01:31 GMT

@Anonymous wrote:
@nastalgia How is your experience with NFCU going? I'm not sure whether I'm going to move forward with them. I've found a local credit union that is providing the same rate and they say they're confident they can close on time. NFCU won't give me a firm commitment.

it going great not a single hitch on the way, it so simple. The only thing is their closing time won't be any shorter than 45 days. I was not in a hurry to close sooner so I am fine with it. They asked for minimal documentations and apprisal time peroid is very quick too

Re: February 2021 Closers

Anonymous — Wed, 20 Jan 2021 17:27:20 GMT

@Anonymous wrote:
@Anonymous wrote:
Purchase price: $875,000
% Down: $0
Product: NFCU Homebuyers Choice Fixed
Mid score: 733
Rate: 4.125% (not locked)
Estimated Close Date: 2/26
Possible issues: 30 day late 8/2019 and 10/2017? I've peppered Target with GW letters to no avail in an attempt to get rid of the 8/2019 late.

We accepted the sellers counter offer about an hour ago. We're not entirely sure if we're going to move forward on the NFCU product. We're considering other options.
Roofing inspection scheduled for tomorrrow. The house was built in 1940 and the sellers listed the roof as a original. They bought the house in 2000 and had no roofing work done the entire time they've lived there. The general inspection happens on Thursday. My realtor is still working on scheduling chimney and pool inspections.

I hope everything runs smoothly. The sellers are showing strong signs of having seller's remorse. They're moving to be near their grandkids but have said they never really thought the house would sell.

We switched to Eastman Credit Union. They offered us a fixed rate jumbo loan at 3.85% with zero down and no PMI. They also offer an annual rebate for being a member of the bank which adds up to a .2% reduction in the APR. They are based in TN and I'm not sure whether or not they only lend within the state.

Re: February 2021 Closers

Anonymous — Fri, 22 Jan 2021 00:14:06 GMT

@Anonymous wrote:
Purchase price - $440k
% Down - 3%
Product - 30 conv.
Mid score - 696 (mine) 705 (husband)
Rate - 2.99% (not locked)
Estimated Close Date: 2/19
Possible issues - Mistakenly charged $375 on a card with a $750 CL between the due date and statement date. 🤦‍♀️ My prior utilization was 1% worried it will drop my mortgage score. Last late payment was 12/2019 on ex husband's mortgage that my name still happed to be on. We were preapproved when we made the offer but I will be anxious about being denied until the papers are signed! 🤞🤞🙏🙏

So my FICO 8 went up because of the $375 increased credit card balance but my middle mortgage score dropped 15 points to 681! Not sure if this is going to cause an issue since it won't update again before we close? The card is paid off again so I wonder if I call Capital One if they would do a mid-cycle balance update to the credit bureaus with the Zero balance? We are supposed to lock our rate next week.

Re: February 2021 Closers

Anonymous — Fri, 22 Jan 2021 02:17:12 GMT

Purchase price - 355
% Down - 5%
Product - 30 Conv
Mid score - 658
Rate - 2.875

Estimated Close Date: Feb 26th
Possible issues - Full debt recovery last year wiped 40k of CC debt and had to rebuild Credit.. Application just went into underwritting.

Re: February 2021 Closers

Anonymous — Sat, 23 Jan 2021 14:46:57 GMT

@Anonymous wrote:
@Anonymous wrote:
Purchase price - $440k
% Down - 3%
Product - 30 conv.
Mid score - 696 (mine) 705 (husband)
Rate - 2.99% (not locked)
Estimated Close Date: 2/19
Possible issues - Mistakenly charged $375 on a card with a $750 CL between the due date and statement date. 🤦‍♀️ My prior utilization was 1% worried it will drop my mortgage score. Last late payment was 12/2019 on ex husband's mortgage that my name still happed to be on. We were preapproved when we made the offer but I will be anxious about being denied until the papers are signed! 🤞🤞🙏🙏
So my FICO 8 went up because of the $375 increased credit card balance but my middle mortgage score dropped 15 points to 681! Not sure if this is going to cause an issue since it won't update again before we close? The card is paid off again so I wonder if I call Capital One if they would do a mid-cycle balance update to the credit bureaus with the Zero balance? We are supposed to lock our rate next week.

Mortgage scores can be so fickle. I hope this doesn't pose an issue. I'm no expert but I think it would be surprising if such a small amount would pose an issue.

Re: February 2021 Closers

Anonymous — Sat, 23 Jan 2021 15:02:32 GMT

Thanks. I'm praying it won't since out DTI even with the new house will be low. I did call Capital One and they said they absolutely cannot report an updated balance to the credit bureaus without a dispute so I will have to wait and see. My new issue is Citimorgage I guess never released the lien from a HELOC we had on our current house back in 2006 and they do not have a phone number for that department. You can only request a release (something they should be doing without a request when you pay off your loan) via email or fax. That house is set to close next Friday but we have to have that lein release. Can't wait until this is all done!!

Re: February 2021 Closers

Anonymous — Mon, 25 Jan 2021 03:18:59 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Purchase price: $875,000
% Down: $0
Product: NFCU Homebuyers Choice Fixed
Mid score: 733
Rate: 4.125% (not locked)
Estimated Close Date: 2/26
Possible issues: 30 day late 8/2019 and 10/2017? I've peppered Target with GW letters to no avail in an attempt to get rid of the 8/2019 late.

We accepted the sellers counter offer about an hour ago. We're not entirely sure if we're going to move forward on the NFCU product. We're considering other options.
Roofing inspection scheduled for tomorrrow. The house was built in 1940 and the sellers listed the roof as a original. They bought the house in 2000 and had no roofing work done the entire time they've lived there. The general inspection happens on Thursday. My realtor is still working on scheduling chimney and pool inspections.

I hope everything runs smoothly. The sellers are showing strong signs of having seller's remorse. They're moving to be near their grandkids but have said they never really thought the house would sell.

We switched to Eastman Credit Union. They offered us a fixed rate jumbo loan at 3.85% with zero down and no PMI. They also offer an annual rebate for being a member of the bank which adds up to a .2% reduction in the APR. They are based in TN and I'm not sure whether or not they only lend within the state.

All of the inspections are done. No show stoppers but the roof and chimney need repairs. The sellers offered a $20,000 credit in lieu of doing the repairs themselves. We countered with a request for $26,000 (just shy of 3% of the maximum allowable seller contribution). Hopefully, they accept. Either way, we're moving forward. I hope it appraises ...

Edit: Sellers accepted our counter! So stoked! We're not going to have to pay any closing costs and we'll get to use some of the money for points. We'll actually get money back at closing. Fingers crossed for a drama free appraisal.

Re: February 2021 Closers

Anonymous — Tue, 26 Jan 2021 22:40:20 GMT

Carrying over to februrary, as I don't think my loan is closing in January:

Loan Amount: $470,000

DP: N/A

Loan Type: Refinancing from Conventional with PMI Conventional

Mid Score: 777

Tentative Closing Date: Very end of January or Early February

Rate is 2.375% locked (Old mortgage was 3%)

Lender: Keystone Funding

Got initial closing disclosures yesterday, waiting for clear to close and to set up closing with title company. They put Febuary 16th as the funding date, but will push it earlier depending on clear to close.

Re: February 2021 Closers

Anonymous — Tue, 26 Jan 2021 22:46:06 GMT

I finally got my application approved with conditions. I have to complete a few Letters of explanation over the next few days.. Just waiting now on my appraisal then im on my way

Re: February 2021 Closers

Anonymous — Tue, 26 Jan 2021 23:05:46 GMT

Heard from our lender that we came through underwriting with a "clean approval". Locked in our rate at 2.99 and free appraisal. Just waiting for the appraisal to be completed and the well testing to be done and hopefully close early!