UNDERWRITING PROCESS! - ACHIEVE: 1 MORE TO GO

[Anonymous]

HEY EVERYONE,

On June 1, 2007 at 4:15pm  - I received my FULL COMMITTMENT from the Bank.

Now, lets keep our fingers crossed for closing.  I know my seller's title work has already been done and is supposed to be free and clear.  The mortgage company said they are reviewing the title one final time before they set up an actual closing date.

Anyone know where we go from this point and how much longer it would take?????

[Anonymous]

Set the closing at late in the month as you can to save on pre-paid interest.

At this point they are checking the Title, Taxes, Etc.

You want to find a Insurance company and provide everyone the information ASAP.

Congratulations!!!!!

[girlie]

once they complete final review for underwriting, the next step is to issue loan docs to the title or escrow company.  the step after that is that you would sign the docs at the escrow company and escrow then sends them back to the lender.  the lender will then make a final review to make sure everything is in order and then they "fund" the loan.  you are probably a week away.  depending on how quickly the lender gets docs to the escrow company, you might be able to close as quickly as friday.  with respect to what timothy said about closing as late in the month as possible, it is true that you will save on pre-paid interest.  however, the interest you pay is in effect your first loan payment and it is a deductible expense.  if you delay the closing until the end of the month, just make sure that your loan documents don't expire.  they are usually good for about two weeks.

good luck and congratulations!

[Tuscani]

And don't apply for anything until you close!

[Anonymous]

Thanks Tim,

Geico was ready to bind the policy last week, they were waiting for a "mortgage clause."  So as far as the insurance, we are ready to go.  Is there a better insurance co than geico? 

Unfortunately, we cannot wait til the end of the month for tax purposes for 2 reasons - 1) there is still another mortgage to be funded and part of our earnest money is tied up in this one.  2) My mother in laws lease is up up on the 15th and she has to move - this house is for her.  She currently pays $1600.00 a month; so we got to get her moved.

I was also reading the other posts, why would it take 1-2 weeks to sign some docs, review them and "fund" loan?  Cant they do that in a day or 2??? 

[Anonymous]

girlie,

thanks for the details, why would it take a week or 2 to fund this loan?  Why cant they do this in a few days?  The seller stated their title work has been done and is cleared on their end; so is it still gonna take that long? 

[girlie]

it shouldn't take two weeks to fund the loan.  you may want to reread my post.  i was simply saying that if you delay closing until end of the month, make sure you loan docs don't expire because they are usually valid for about two weeks and then they have to be redrawn.

if everything is in order, i would think that you will be able to close at the end of next week.  call the lender or escrow or mortgage broker and ask for the estimated closing date.

[Anonymous]

Thanks girlie,

We have just been on edge....... really on edge about this closing stuff and it feels as if anything can happen at anytime. 

Is there ANYTHING THAT CAN STOP THIS PROCESS AT THIS TIME????  SHOULD WE BE WORRIED? cause we are.