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What are the phases of my loan with a new build?
I initially recieved a pre qual and put earnest money down and have already selected my item at the design center and we signed the contract on 9/24/16 they are asking for LOE that i have completed and sent back already. Is this for the pre approval? What stages are next and when does the actual process of breaking geound begin? Would they build if i wasnt a solid sale?(i know there are conditions) eveyone is so quite and just asking for documentation at this point and havent explained the whole process, my sales lady doesnt seem concerned and said no news is usually good news with this lender. We still have 5 months to go i guess im just anxious....im sure they wouldnt build if there was some major concerns right?
A builder looks for a pre-qualification letter, this comes from your mortgage lender after a hard credit pull and you stating your income (no documentation needed at this point), if your score is good enough and the income the LO will ask how much are you needing then will send that letter to builder. Once received depending on what else is going on in that community you should see groundbreaking about 2-3 weeks from that time. After that all is quite for months until you're about 60 days from a close date then they will ask for all they need from you.
They have done the HP and asked for all my w2's and tax returns with paycheck stubs and this week i had to send in the LOE's soooo the are requesting more upfront whcih is best in my eyes so they can see the full picture...this will be a long 5 months lol. Im so nervous. Thanks for the reply
At what point is a processor or underwriting done? Isnt that the for sure pictuee where they rule oit serious issues in my file?
@jamevfan wrote:What are the phases of my loan with a new build?
I initially recieved a pre qual and put earnest money down and have already selected my item at the design center and we signed the contract on 9/24/16 they are asking for LOE that i have completed and sent back already. Is this for the pre approval? What stages are next and when does the actual process of breaking geound begin? Would they build if i wasnt a solid sale?(i know there are conditions) eveyone is so quite and just asking for documentation at this point and havent explained the whole process, my sales lady doesnt seem concerned and said no news is usually good news with this lender. We still have 5 months to go i guess im just anxious....im sure they wouldnt build if there was some major concerns right?
sounds like you are using the builder's preferred lender.
a lot of those lenders leave a lot to be desired.
they should be able to answer your questions.
but to answer the question. yes, it is a good sign that they want to proceed.
They leave a whole lot to be desired and the only way i can get anything is seeing the progression of the whole process.... hoping things will change with the communication and im sure it will. I hear that there is a lot going on with the lender switch with the builder and i was so lucky to start my processs when they started the transition ugh
Xista thanks a bunch for the word of encouragement, actually i had a talk with myself today. Lol I will be concerned as this is my first mortgage but wont freak out because my husband brought up a point of if it does fall through we have plenty of money saved to go elsewhere but he seems to think we will be fine also, its just me being me...
True.