Does approval mean closing? (loan, requirements, loan, properties)
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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?
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.
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!!!!
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.
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!!!
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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Wow,....
