Where Am I in the Process?

[kberly69]

Other than being in the "anxiously waiting" stage of things, how close/solid am I at this point?

Applied, pre-approved, sent a couple of things such as a home insurance quote and deposited funds for the appraisal. A few days later I got the loan estimate and then a few days after that a request for the following:  two months of bank statements, two years of income tax returns, w-2s, 2 paystubs, and my most recent student loan statement (I took it off of COVID forebearance). Submitted those about two weeks ago I hadn't heard anything so I emailed my LO asking if I should be doing anything or if I should be worried. She got right back to me and said they were just waiting on the appraisal. She did tell me at the start that appraisals are taking much longer than usual due to volume so I'm not expecting it to happen next week or anything. 

Assuming the appraisal comes in OK, how relaxed can I be at this point? Is no news good news? Am I still in the underwriting phase? If an appraisal was ordered, does that mean I'm g

[kberly69]

Oops- not sure what happened there but, am I good to go? If it matters, it's a conventional loan through a credit union.

[VALoanMaster]

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@kberly69 wrote:

Other than being in the "anxiously waiting" stage of things, how close/solid am I at this point?

Applied, pre-approved, sent a couple of things such as a home insurance quote and deposited funds for the appraisal. A few days later I got the loan estimate and then a few days after that a request for the following:  two months of bank statements, two years of income tax returns, w-2s, 2 paystubs, and my most recent student loan statement (I took it off of COVID forebearance). Submitted those about two weeks ago I hadn't heard anything so I emailed my LO asking if I should be doing anything or if I should be worried. She got right back to me and said they were just waiting on the appraisal. She did tell me at the start that appraisals are taking much longer than usual due to volume so I'm not expecting it to happen next week or anything. 

Assuming the appraisal comes in OK, how relaxed can I be at this point? Is no news good news? Am I still in the underwriting phase? If an appraisal was ordered, does that mean I'm g

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So the lender did not collect bank statements, pay stubs, tax returns or w-2s when they did the pre-approval?

[kberly69]

No-  at the time of application there were two options. One was a short form and the other was a full, extensive app. I went for the latter because their site said that was preferred. Don't know if that matters at all but they asked everything. Also don't know if it matters but the loan will not be sold.

[kberly69]

And, I did not get an instant answer for pre-approval like I did with another lender. It took them a day or two. Again, probably doesn't matter but thought I'd throw that in there.

[sxa001]

I haven't even picked a house yet and I am on pins and needles, so I know how you feel!  As a first time home buyer take my thoughts with a grain of salt but I don't see any bad signs. Appraisers are booked up like crazy, my friend has been waiting 3 weeks on his property appraisel.  

The only thing that would annoy me is if I am reading correctly you went two weeks without an update from your Loan Officer, I don't know if that is normal but I would think at least a weekly update would make sense.  

I think if something had come up where they were thinking the loan wouldn't go through they wouldn't ordert he appraisel so that is probably a good sign.  

Get a good book or come hang with us in the garden club, I know how easy it is to get obsessed and start worrying about things because I am the same way.  

[kberly69]

Yeah, it's painful! Thankfully work is busy and since I'm buying the house I'm in, I have a lot of little touch up projects to do for the appraisal. I knew it would be weeks to wait for the appraisal but the middle of the night "what ifs" are killing me!