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Old 08-13-2009, 09:57 PM
 
130 posts, read 306,712 times
Reputation: 71

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My closing date is nearing and the mortgage company has not sent my file to be underwritten because they needed more proof of funds for the downpayment and a verification of rent from my apartment leasing office.

I suggested they use my 403b retirement account as additional funds and copied the cancelled check for the earnest money I had already put down. This will put me over the down payment requirement by 2k.

If the mortgage company sends off my loan application to be underwritten today.... just how long could it take before I'm able to close?

I'm getting a bit antsy
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Old 08-14-2009, 07:52 AM
 
286 posts, read 1,226,772 times
Reputation: 150
Depends on the bank, your location, and the complexity (or simplicity) of your loan. Mine was in underwriting from May 28 until July 31, but there were several problems with Bank of America. We were supposed to close June 22 and closed on Aug 4. In theory and with BofA, UW was supposed to only be 3-5 days, and then Final UW was only supposed to be about 2 more days. After that, only a day or two before you can close. But, the big variable is, how complex/simple your file is and what bank it is with (and location).
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Old 08-14-2009, 12:07 PM
 
Location: North Pole Alaska
886 posts, read 4,778,015 times
Reputation: 807
Took me 4 days with countrywide.
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Old 08-14-2009, 12:21 PM
 
Location: Raleigh, NC
12,025 posts, read 28,334,909 times
Reputation: 8527
Ask your lender.

New gov't. rules have us all "on hold" for 3 days for this and 3 days for that!

Vicki
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Old 08-14-2009, 03:40 PM
 
130 posts, read 306,712 times
Reputation: 71
Whew.... I guess it's good to hear this isn't uncommon and the process has slowed a bit.

I'm just worried the seller will get upset.

What can happen if he decides I'm taking way too long? We've already done the appraisal, home inspection, and title search.
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Old 08-15-2009, 07:06 PM
 
286 posts, read 1,226,772 times
Reputation: 150
What bank are you using? Bank of America is very overwhelmed at the moment. As my broker told me, the actual Undewriters are under extreme scrutiny these days and are also under a lot of pressure to make sure they do their jobs without any mistakes. Also as he put it - one mistake and they're fired. So, UW's are taking their time and double checking every reference.

Sounds like they are doing their final checks before going into UW for you. I was asked to supply more info (that they already had) at the last second only to find out it was going back into underwriting again (Final UW, they called it). I wouldn't worry about the Sellers. S/He's on the hook just like you are. If you aren't going to back out, then don't worry. If they back out b/c they think youy are taking too long - they're idiots. Think of it - they would have to relist their house and go through the entire process AGAIN. Which would mean another 60 days at the earliest from a signed contract. Unless they are saying something - don't worry about them. Waiting these days is the norm.

Good luck!
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Old 08-16-2009, 09:12 AM
 
Location: Northwestern VA
982 posts, read 3,107,386 times
Reputation: 560
It depends on the bank. The problems I've seen with Bank of America are typical of problems I usually see with mortgage brokers.

I just had a nightmare transaction close last week. We were under contract since May. Initially my client took a while to get documents back to us, but then the UW problems started. They couldn't read the addenda/contract...which happened 6 or 7 times. We finally reached another closing date....and that same day we learned the loan officer NEVER verified employment so we were pushed off again. After confirming employment, guess what? UW couldn't read the stinkin' employment verification letter!
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Old 08-16-2009, 09:44 AM
 
Location: CT
96 posts, read 300,985 times
Reputation: 52
It took us just under two months. We are closing on Friday which makes it a week shy of 2 months! We had scheduled our closing for 27th but had to move up a week because they would have to re run our entire credit history again and pay fee if we didn't. There is always something thats going to come up. We had to sign two extensions on paperwork just because of mail time etc. It gets frusterating.

Good luck!
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Old 08-16-2009, 12:48 PM
Status: "0-0-2 Game On!" (set 2 days ago)
 
Location: The beautiful Rogue Valley, Oregon
7,298 posts, read 15,353,559 times
Reputation: 9473
My son is buying a house in the Inland Empire area of Southern California (yes, a very hard hit area, but his mortgage payment will be less than his current apartment). He has an FHA loan for which he was "preapproved" - whatever that really means - and the house is about $100,000 less than the amount he was preapproved for. The house is a REO, the per-square-foot price is a good $10/sf under the recent area sales and the bank just accepted his offer and set a closing date for a month out. His loan is FHA - what happens if the FHA loan hasn't come through by the bank-set mortgage date?

(He has a realtor he is working with to answer the questions for him, but I'm curious.)
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Old 02-09-2010, 12:08 PM
 
1 posts, read 29,042 times
Reputation: 17
I am buying the house I have been renting, and I am going through First Commonwealth Mortgage.We have been approved and the appraisel has been done, I am told it has been sent to underwritershow long does this take before it goes to closing, and why would closing be done in my home.
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