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Here's my 2 cents. 2 weeks to get a loan "cleared to close" in other words approved with all conditions having been met is damn near impossible. You need to find out exactly what the seller is asking for, approved can actually mean several different things. I can DM my guy who has worked miracles this last month for our buyer.
Here's my 2 cents. 2 weeks to get a loan "cleared to close" in other words approved with all conditions having been met is damn near impossible. You need to find out exactly what the seller is asking for, approved can actually mean several different things. I can DM my guy who has worked miracles this last month for our buyer.
I guess I did not word that correctly. The seller wants to be sure we can qualify and the appraisal is made by the 30th. Since there are multiple parties interested in the property they want assurance this will go through.
.........Your ability to negotiate will depend in part, how credit worthy you and your wife are and how much you are bringing to the table in terms of down payment.
I hope to have a couple loan offers in writing tomorrow. The down payment is right at 30%, credit score >750.
I have heard about these "fluff" fees being pure profit. How to I wrangle them down? Ask if they are negotiable? Am I better off going directly to someone like Countrywide of Wachovia? As opposed to a Mortgage Broker.
Speed and cheap don't usually go hand in hand. Two weeks is agressive especially in this economy. I'm gonna say that you don't even want to think of going FHA.
how credit worthy you and your wife are
Lumbollo---why the wife?? The application for a loan has the wife as part of the combined income?
Not being funny or disrespectful here, only that I have never been asked about 2 incomes. . . only stand alone.
In NC, if you are married, you and your wife own the property. There are very few exceptions to this.
Most lenders require purchase money loans to have all owners on the loan application and in the loan process. This is to ensure that there will not be any deadbeat owners.
Thanks everyone! I have been on the phone for the past 1.5 hours with 3 different mortgage folks. It sounds like the 2 week time frame might be a little tight to get an appraisal and underwriter approval.
It is not out of the question but a little tight. Hopefully the seller will give a little on that time frame.
As for rates I am being quoted 5 1/8%, and 0 pts. That is with 30% down and this is a 2nd home.
Interesting how things have changed. The govt now requires Mortgage Co's to call an Appraisal management co to set up the appraisal. No more using a preferred appraiser. One loan guy said that adds at least 3 days to the process.
So far we do not have a good faith estimate for closing costs but they seem to run about 3% of the selling price.
Yes, that is to protect both you and the lender. "Preferred" appraisers were the backbone of our housing crisis.....
In NC, if you are married, you and your wife own the property. There are very few exceptions to this.
Most lenders require purchase money loans to have all owners on the loan application and in the loan process. This is to ensure that there will not be any deadbeat owners.
You and your wife OWN the property and one cannot sell it without the consent of other. However, that was not my question. My question was in regard to the purchase.
CC--Now I know you are a mortgage lender but this is not exactly the case for everybody. Certainly, not the experience I have had in the past .
that's why I said MOST. Just depends on the lender.
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