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Old 05-24-2015, 09:47 AM
 
18 posts, read 68,188 times
Reputation: 11

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Hi! According to our loan officer, we are set to close on June 4. We have done everything already, and as far as I know, there needed to be a second appraisal done on the house we are buying because the a/c had to be repaired by the seller. So we are still waiting on that to be done and it was ordered about a week ago. We locked in our rate for a second time, we got a conditional approval and everything was a satisfied except a 2013 W2 which they had us sign a request form to get. I really don't know what stage we are in with the loan process.....looked like the second GFE and rate lock was the last thing we needed to sign off on to close the file...but we still haven't been told if we are officially approved or not. This is crazy! We have less than two weeks to go to close and we told since credit checks last 90 days, they more than likely won't pull it again before closing...so what else can go wrong? What is taking them so long to approve us or are we already approved? Our loan officer never wants to confirm or deny anything because he says there is just so many pieces to it and most of which are out of his and our control...it's up to underwriting. So what do we do? Just wait?! UGGGGGH
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Old 05-24-2015, 12:38 PM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Sounds more like a re-visit by the appraiser than a complete new inspection and report. Are you in Houston? If so, the tremendous rain y'all are getting might trigger a mandatory re-inspect if there was significant flooding in that zip code.

I hope they told you not to increase balances on credit cards, and to not get any new accounts. They will perform a "soft pull" of your credit just before closing, and you will have to explain any new credit pulls.

Straight answers would be nice, it drives me nuts when lenders don't lay out every single thing that needs to happen, with time frames for each.

Plus, TBH, June 4th is a lifetime away in the mortgage world. A lot can happen for you this week. I hope next Sunday is more comforting for you.
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Old 05-24-2015, 12:51 PM
 
18 posts, read 68,188 times
Reputation: 11
Yes it is a revisit from the appraiser, which we had to pay for. I have asked the broker time and time again and he said they wouldn't check or credit score. I think we should be ok...our realtor told us in the very beginning not to do anything with our credit aside from normal use...no new credit lines, not huge purchases, etc. so that part should be good plus our credit score has gone up since the last rescore. But he told me that it lasts 90 days so it shouldn't be pulled at all...we will see. We are in Ga, not Houston..Houston is my last name lol. And yeah I know....I have read that mortgage apps can be denied for anything right up until closing....so I am just ready to get it over with at this point.
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Old 05-25-2015, 07:57 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
Quote:
Originally Posted by Khouston30 View Post
Hi! According to our loan officer, we are set to close on June 4. We have done everything already, and as far as I know, there needed to be a second appraisal done on the house we are buying because the a/c had to be repaired by the seller. So we are still waiting on that to be done and it was ordered about a week ago. We locked in our rate for a second time, we got a conditional approval and everything was a satisfied except a 2013 W2 which they had us sign a request form to get. I really don't know what stage we are in with the loan process.....looked like the second GFE and rate lock was the last thing we needed to sign off on to close the file...but we still haven't been told if we are officially approved or not. This is crazy! We have less than two weeks to go to close and we told since credit checks last 90 days, they more than likely won't pull it again before closing...so what else can go wrong? What is taking them so long to approve us or are we already approved? Our loan officer never wants to confirm or deny anything because he says there is just so many pieces to it and most of which are out of his and our control...it's up to underwriting. So what do we do? Just wait?! UGGGGGH
Your lender is required to tell you, in writing, if you are approved or denied within 30 days of your loan application. That simple. Do you have a loan commitment? If you have received the commitment and turn in the conditions, you are working on a clear to close. I can share that rarely happens more than a week in advance - typically 3 -5 days prior to close.
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Old 05-25-2015, 08:04 PM
 
18 posts, read 68,188 times
Reputation: 11
Well we were preapproved...I know it's not the same thing, but no we never got a approval or denial letter from our lender. We are waiting on a final HUD statement...as far as I know. We have locked in a our interest rate for the second time and now we are just waiting....
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Old 05-26-2015, 05:35 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
Do you know the date on your loan application? Not the pre-approval, but the date of the actual loan application? Did anyone go over the terms of your approval?

You can try the "my sister in law is a loan officer in Virginia" routine and is asking me questions I don't know the answers to, can you help me answer? What was the date of our loan application and what date were we approved? She is making my wife/husband crazy that something is wrong. YMMV, but its amazing the info that comes to light when they thing someone is advising you from the standpoint of making sure rules are being followed. You are almost there. Chances are all is fine, you just can't stand the fact it's not all tied up nice and neat and there's no emphatic all clear. Well, that's not going to happen, all the way to the date of closing, quite possibly, the hour before.
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