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Hello everyone,
I received a conditional approval, they asked me to complete a form which showed four inquires and some addresses to verify. The inquiries were from checking into refinance opportunities, two companies in August and then the inquiry from this company. The fourth was a personal loan that will be paid off by the cash out (by the mortgage company) and they are aware of that and my minor credit card balances which will pay off as well.
Is there anything that I should be worried about with this? I am going through New American Funding.
Also, if anyone else has used New American funding - if I receive final approval how long until I would likely close?
Thank you so much,
Hi Lizbethann,
I am going through New American Funding for my home loan. My experience has been pretty straight forward so far. I gave all of my docs upfront (w2, bank, income, tax info) and got a preapproval. I found a home within a couple days of preapproval. I have provided the earnest check, gotten inspection, appraiser came out on Tuesday. I got a message from the loan processor stating that they need home insurance quote. Late October is when I found the home and received a closing date of Dec 12th.
Hang in there... it will all be ok!
You've already signed the CD so that when your final approval comes in you can sign that day or next day (depending on what time the final came in). It doesn't sound like much time is needed- probably in QC check right now and it's other files an UW has to look at as well as yours.
@lizbethann
Do they make you pay off your credit card balances before approving you for a loan? Do most lenders do this?