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Old 05-01-2008, 02:46 PM
 
3 posts, read 18,573 times
Reputation: 14

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We received an approval on April 15th (a process with has taken 2 1/2 months) An appraisal was ordered and completed a week later (after repairs were made) I was told by the lender that it would take 48 to 72 hrs after the conditions and appraisal was submitted to get a closing date. Paperwork was submitted last Thursday. Here it is Thursday again, and still no word. I call everyday, and all I get is "I havent heard anything yet" I just cant understand what is taking so long.
Can someone please tell me.....Does being approved mean we will definitely be closing on this house, and if so is it just a matter of when?
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Old 05-01-2008, 02:57 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,659,359 times
Reputation: 974
it doesnt mean you will be closing.

once you receive a CTC - clear to close..then you will be good
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Old 05-01-2008, 03:12 PM
 
3,332 posts, read 7,386,818 times
Reputation: 1370
Quote:
Originally Posted by brandycady View Post
We received an approval on April 15th (a process with has taken 2 1/2 months) An appraisal was ordered and completed a week later (after repairs were made) I was told by the lender that it would take 48 to 72 hrs after the conditions and appraisal was submitted to get a closing date. Paperwork was submitted last Thursday. Here it is Thursday again, and still no word. I call everyday, and all I get is "I havent heard anything yet" I just cant understand what is taking so long.
Can someone please tell me.....Does being approved mean we will definitely be closing on this house, and if so is it just a matter of when?
The lender I use most often is way backed up in underwriting these days. I just got a file approved today that I submitted last Monday.
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Old 05-01-2008, 03:13 PM
 
3,332 posts, read 7,386,818 times
Reputation: 1370
Quote:
Originally Posted by renriq02 View Post
it doesnt mean you will be closing.

once you receive a CTC - clear to close..then you will be good
Ren is right. You are not fully approved until those conditions are cleared.
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Old 05-01-2008, 03:20 PM
 
71 posts, read 253,802 times
Reputation: 57
Default Wow,....

Quote:
Originally Posted by brandycady View Post
We received an approval on April 15th (a process with has taken 2 1/2 months) An appraisal was ordered and completed a week later (after repairs were made) I was told by the lender that it would take 48 to 72 hrs after the conditions and appraisal was submitted to get a closing date. Paperwork was submitted last Thursday. Here it is Thursday again, and still no word. I call everyday, and all I get is "I havent heard anything yet" I just cant understand what is taking so long.
Can someone please tell me.....Does being approved mean we will definitely be closing on this house, and if so is it just a matter of when?
I'm sitting here going through the exact same thing. I gave them all my paper work (paystubs, W-2's, bank statements etc.) for a second time on April 18th and I still haven't heard anything. My husband says no news is good news. We are waiting for a final approval and a closing date. The house will be finished in two weeks. I've been calling every other day and no word. I get the same thing, "Haven't heard anything yet". The wait is driving me nuts!!!!
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Old 05-01-2008, 03:21 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,659,359 times
Reputation: 974
pm me i'll tell you who does them faster

Quote:
Originally Posted by TimtheGuy View Post
The lender I use most often is way backed up in underwriting these days. I just got a file approved today that I submitted last Monday.
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Old 05-02-2008, 06:48 AM
 
57,180 posts, read 28,898,230 times
Reputation: 7242
Quote:
Originally Posted by micheleroll View Post
I'm sitting here going through the exact same thing. I gave them all my paper work (paystubs, W-2's, bank statements etc.) for a second time on April 18th and I still haven't heard anything. My husband says no news is good news. We are waiting for a final approval and a closing date. The house will be finished in two weeks. I've been calling every other day and no word. I get the same thing, "Haven't heard anything yet". The wait is driving me nuts!!!!
I just went through the process FOUR times on the same house recently. Its taking underwriting forever to clear loans to close.
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Old 05-02-2008, 09:21 AM
 
Location: Great State of Texas
74,953 posts, read 35,666,890 times
Reputation: 18134
Banks have done a 360..from not looking at any paperwork and blindly approving to checking everything 2-3 times.

It's not your fault..it's the bank's for getting themselves into trouble.
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Old 05-02-2008, 01:19 PM
 
57,180 posts, read 28,898,230 times
Reputation: 7242
Quote:
Originally Posted by HappyTexan View Post
It's not your fault..it's the bank's for getting themselves into trouble.
Actually its the governments fault. Soon as banks discovered that they can borrow funds from the govt at x%, and then loan out at y%, profiting from the spread, they stopped worrying about who they were lending to, it wasnt their money.

It used to be the banks that loaned their own money for properties, (they still often do for commercial properties) but now, they are loaning government money for residential properties, (i.e. tax money) and the money just flows!!!
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Old 05-05-2008, 11:28 AM
 
275 posts, read 1,102,357 times
Reputation: 81
Default Been there

Try to be patient (I know...impossible to do) but we've just been through this. As previous posters already mentioned, it's taking longer to get that final ok. It could be that they are backed up and/or they are ironing out the requirements. I know it's a pain because you just want to know but, you are not alone.
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