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Dh & I have been approved for a mortgage & are now just starting the "document" stage of the process with underwriting. Our agent has warned us that we can expect it to be along the lines of a strip search by the time they are done. Um...ok - if thats what it takes to get it closed
My real concern is timing. We have a closing date right now for March 24th and absolutley have to be out of our current home by April 1st. My stomach is a little twitchy when I think of DH, myself, 3 dogs and a household full of furniture & boxes with nowhere to go if our closing is delayed past April 1st.
So...the question for all the experts here... should I actually plan for a delay in closing? Is that the "norm" right now that its delayed at least once? Thanks!
It definitely isn't the norm, but there are more loans now than before being delayed because underwriters are very meticulous.
You said you are just starting the document stage, you mean gathering up your documents to submit to an underwriter for review? Or do you have a conditional loan approval, and these documents are to satisfy those conditions? If you are at the former, ask your loan officer how long the underwriting turn time is. If it's just a few days at most, and the appraisal has been ordered, you should still be on time for a March 24th closing.
Did you already give notice to where you live now and April 1st is the day you need to be out by? After you get the conditional loan approval, so you know what remaining items are left (ask the loan officer to go over them top to bottom, even the stuff that they get from other parties), you'll know if you need to approach your landlord to ask for a possible week or two extension or if things will go smoothly for a March 24th closing.
It definitely isn't the norm, but there are more loans now than before being delayed because underwriters are very meticulous.
You said you are just starting the document stage, you mean gathering up your documents to submit to an underwriter for review? Or do you have a conditional loan approval, and these documents are to satisfy those conditions? If you are at the former, ask your loan officer how long the underwriting turn time is. If it's just a few days at most, and the appraisal has been ordered, you should still be on time for a March 24th closing.
Did you already give notice to where you live now and April 1st is the day you need to be out by? After you get the conditional loan approval, so you know what remaining items are left (ask the loan officer to go over them top to bottom, even the stuff that they get from other parties), you'll know if you need to approach your landlord to ask for a possible week or two extension or if things will go smoothly for a March 24th closing.
We have FULL underwriter approval contingent on producing verifying documents (i.e. income, assets, closing funds, etc...etc...etc). My worry is that they will start saying ok - thanks for the requested document, now produce "x,y,z" supporting that one....and keep doing that till all of our time is eaten up! There is nothing underhanded or shady with our finances, I'm just concerned when I hear the term "strip search" with regard to closing! The appraisal is happening this weekend and we don't expect any surprises there. We also HAVE to be out by April 1st. This house is sold and we are not able to get any sort of extension.
If you are well qualified and it's easy to document everything then you shouldn't have any issues. It's situations where little or no pre-underwriting is done, that have complicated income and/or credit issues, undocumented deposits into their bank statement for large sums of money, etc. have problems.
If you are well qualified and it's easy to document everything then you shouldn't have any issues. It's situations where little or no pre-underwriting is done, that have complicated income and/or credit issues, undocumented deposits into their bank statement for large sums of money, etc. have problems.
Thanks for easing my mind. Our finances are well documented and pretty straight forward. There were a couple of "ticks" on the credit report that they wanted explained but they are old (over 6 years) and not substancial. My fingers are crossed! Thanks again for the info
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Um...ok - if thats what it takes to get it closed
