Does anybody know how long Quicken Loans normally takes after satisfying any conditions on an approval? I have a conditional approval, they only needed a few things, I got the last thing in Wednesday morning and was told Thursday afternoon that it was on the desk to be looked at by the final underwriter that day. I was hoping to hear something before the weekend, either that we are cleared to close or if they needed something else to give me the weekend to get it together. They haven't asked for anything more after 2 days and have my tentative close date for December 21st, is this a no news is good news? Or could they still throw me for a loop?
Anything is possible, but usually no news is good news.
Come sit next to me. I have coffee, tea, and hot chocolate. Which do you prefer? We can wait this out together.
They just posted updated closing numbers in the last 30 minutes, do you all think that means that underwriting is done? Or do the departments work independantly of one another?
I understand the frustration! We aren't even that far along in the process. Had done app, was approved, got the letter.
Fast forward, sellers signed the contract, had ratified contract.
Fast forward, sellers and their mortgage company had a disagreement/dispute/problem and we are at a stop. Just waiting for the air to clear. Who will come out the winner? The sellers? Their mortgage company? Dunno!
Will have to re-app when the dust clears (too much time in between first app and potential go-ahead with the sale).
BUT - if you have closing numbers, yeah!! Do you have to provide anything else for Conditional Approval? Everything else is done - to include the appraisal and the inspection?
I closed with Quicken. Sometimes they take alittle longer to update their website. I swear I was a stalker this whole process and called their office constantly and they had more updated information when I called.
Well, I've been sitting at the exact same spot for over 2 weeks now (Step 3 of 6, they don't need anything from me, nothing under review), every time I call they say they should be getting the final sign off tomorrow. We've already missed the first estimated close date by a week, the second estimated close date was tomorrow, yet I still don't have a "clear to close" at this point. Its unlikely even if I get it that I'll be able to close before my interest rate lock expires on January 2nd, as Tomorrow, Friday, Sunday and Monday are already booked on my schedule, unless they want to come to my house on New Year's eve. They definately have not lived up to their name, while the process has not been cumbersome at this point, it has by far been the slowest mortgage process I've ever been through with 2 FHA purchase mortgages, this would be about my 5th refinance in 25 years, and 3 HELOC's. With my very first mortgage it was back in the 80's when everything had to be hand delivered or overnight mailed rather than uploaded within minutes and I still closed quicker than this.
BGinVA so sorry to hear about your delay. I am sending good luck vibes your way for a speedy approval and closing.
I will be fair here and say I THINK I know what the delay is. When they sent me the closing statement, it included my December payment, I verified all the payoff balances with my lenders (1st & 2nd), so I waited to pay my mortgage knowing that payment was included in the numbers they gave me. I had the money, could have made it weeks ago, but didn't want to double pay it if it was included in the refinance. Well today I determined I better go ahead and make it because I was not going to risk going 30 days late. Within 2 hours they called me to confirm that I made the December payment. So now they posted a new condition saying that I had to provide evidence that I made that payment before being 30 days late and they had to get new payoff numbers. Had they told me that 2 weeks ago, I'd have made the payment then. So now they have to wait for that to clear, get new payoff numbers, send me a new closing statement and I have to re-verify the numbers on that statement with my lenders before closing. I'm going to assume the banks are taking Monday for the New Year holiday, so they have effectively screwed my locked in rate by waiting to see what I was going to do instead of just asking me what my intentions were and I'd have told them that after verifying the numbers on the closing statement they provided me I didn't want to double pay. Why would I make a payment when they showed that payment being paid at closing? Oh yeah, they can change their numbers 50 times and not tell you a thing, forgot that part.........