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Old 06-07-2013, 06:01 PM
 
64 posts, read 182,543 times
Reputation: 26

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So I went through a mtg broker. Sent him the contract, appraisal and title work already done. He submits my application. Wait 3 day, get conditions(condo insurance, bank statement), complete them. Then I find out he only submitted it to his internal loan processor. So then the processor submitted it to the bank. That was Wed afternoon. I thought I was closing last Tues or Wed, I thought wrong.. Now I'm wondering, how long is the last step?

I ask, but get it could be a day or more, they don't seem to know!

Any one have something similar?

My income is straighforward (salary, same job) and I'm a should be over-qualified as a buyer with 20% down.

Last edited by porsche060; 06-07-2013 at 06:27 PM..
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Old 06-07-2013, 06:46 PM
 
775 posts, read 1,256,450 times
Reputation: 516
//www.city-data.com/forum/mortg...-counting.html

Our income is straightforward as well and we are putting 20% down on a traditional loan on a traditional sale where we offered full price. We also have 7 figures in a Merril Lynch account yet the bank STILL is taking f.o.r.e.v.e.r.
You wont believe what they will come back and ask for sometimes (documents).
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Old 06-07-2013, 07:41 PM
 
64 posts, read 182,543 times
Reputation: 26
Copsgirl73, Can you expand on forever?

Is your mortgage within agency limits?
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Old 06-08-2013, 07:57 AM
 
Location: MID ATLANTIC
8,670 posts, read 22,853,798 times
Reputation: 10490
Quote:
Originally Posted by porsche060 View Post
So I went through a mtg broker. Sent him the contract, appraisal and title work already done. He submits my application. Wait 3 day, get conditions(condo insurance, bank statement), complete them. Then I find out he only submitted it to his internal loan processor. So then the processor submitted it to the bank. That was Wed afternoon. I thought I was closing last Tues or Wed, I thought wrong.. Now I'm wondering, how long is the last step?

I ask, but get it could be a day or more, they don't seem to know!

Any one have something similar?

My income is straighforward (salary, same job) and I'm a should be over-qualified as a buyer with 20% down.

How did you find your broker? What does your contract say about a closing date? How long is your lock for?

There's no telling how far out you are.......the lender could add conditions, which requires your response of turning in the requested documents, then the lender has to approve what you turned in. Then it depends on who draws the closing package.....that can add another 3 days. Unfortunately, you are learning a couple of the pitfalls working with a broker. Hopefully, your rate makes up for it.
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