January/February 2020 Closers

[Cjaysmom]

---

@radfam wrote:

I read your other post, Cjaysmom.  Quite the ride!  Fingers, toes, and eyeballs crossed for you!  I'm still waiting to hear back again from the underwriter after submitting LOEs during our conditionally approved stage.  

---

Sometimes the UW can take about 2-3 weeks.  Sometimes sooner.  And then they come back with conditions. I know when I received the approval with conditions, I scrambled to get them completed in a day or two. Some of the conditions included verification of employment, verification of rent, recent bank statements, paystubs.  Just the basic things.  Good Luck!!

[radfam]

That’s what we just did too! Well, a few days ago. The UW came back approved with conditions. We had to write LOEs for things like alternate names (my maiden name), a former address (that is actually not ours at all, but is where FIL lives), and one for each of my four inquiries. Sent in updated bank statements, additional 401k info (where our closing costs are coming from), and our insurance quote. First thing we get back from hearing those last Friday was yesterday with our LP requesting insurance binder.

[Cjaysmom]

---

@radfam wrote:
That’s what we just did too! Well, a few days ago. The UW came back approved with conditions. We had to write LOEs for things like alternate names (my maiden name), a former address (that is actually not ours at all, but is where FIL lives), and one for each of my four inquiries. Sent in updated bank statements, additional 401k info (where our closing costs are coming from), and our insurance quote. First thing we get back from hearing those last Friday was yesterday with our LP requesting insurance binder.

---

Paid my insurance on Monday.  Monies have been moved to my main checking account so that when I get the final CD, I'll be able to get the cashier's check for closing.  One question: how much over the CD amount should I make the cashier's check?

[Anonymous]

My LO told me not to wire the funds or get a cashiers check until the closing agent called me to set up signing because the amount can change a little bit. The closing agent gave me the amount over the phone and I wired it because I’m lazy.

[TXPocohontas]

Purchase price - $234,900
% Down - 3.5%
Product - FHA
Mid score - 609 TU
Rate - 4.51

Estimated Close Date: 1/29/2020
Possible issues - I am buying a new build and first time homebuyer.  The guy we are working with told me I had to sign up for a First Premier credit card to raise my score quickly (this was on 12/31/19).  I gave them $1k Earnest Money. They have run my credit twice and I get a notice today from EX that my score dropped 7 pts.  **bleep**!  My EQ is 634 and EX was 587.  I don't have alot of collections or bad debts.  I make approx $60k/yr. I have basic bills.  I am afraid they will string me along and mess up my credit.  I have already given notice to my apt complex and plan to move somewhere on the 31st.  BTW, no bankruptcies, no student debt and utilizing EX Boost.  They are using Loan Depot.  Any tips, advice?  I am starting to freak out on the inside abit.

[radfam]

We will likely do a cashiers check, because our bank is super close.  But now I'm wondering how much I need to bring to the closing table.  I know the CD will tell me.  But my realtor says we shouldn't get that until approximately 3 days before closing.  My loan processor, however, is asking me to let her know when we have the funds in our bank account (401k loan to cover closing costs).  I have no idea how much to ask for in the 401k loan to make sure we have paid the closing costs, year of insurance, and title company.

[radfam]

TXPocohontas, we are texans too!  Well, technically Texas transplants, but still.    Buying our first Texas home.

[Anonymous]

You should definitely get a closing disclosure well before closing... it's not the final one, but you can use it to take out the loan. I took out more than I thought I'd need to cover my bases because you can always just pay it back right away. My closing amount ended up being 2k less than my earlier estimates, so I had a nice cushion.

---

@radfam wrote:

We will likely do a cashiers check, because our bank is super close.  But now I'm wondering how much I need to bring to the closing table.  I know the CD will tell me.  But my realtor says we shouldn't get that until approximately 3 days before closing.  My loan processor, however, is asking me to let her know when we have the funds in our bank account (401k loan to cover closing costs).  I have no idea how much to ask for in the 401k loan to make sure we have paid the closing costs, year of insurance, and title company.

---

[TXPocohontas]

Radfam - We just moved here 2 years ago from the West coast.

---

@radfam wrote:

TXPocohontas, we are texans too!  Well, technically Texas transplants, but still.    Buying our first Texas home.

---

[TXPocohontas]

Radfam - You are supposed to get the "Closing Statement" a day or 2 before closing so you know how much to the penny to "bring to the table".  Ask for it from your loan officer or realtor.  Wishing you an easy close!