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depends on the type of loan, and how long it's been with the lender.
Most times the loan approval is given 2-3days before closing.
Oh ok......at first they were going with the PBA but found out all the fees asociated with it so went for FHA which was approved maybe 2 weeks ago tops..loan officer said the closing can still remain the same 06/27 but they are getting nervous as no commitment papers yet
I'm not looking foward to selling my house in a few years..downsize..the only positive will be when it's sold what i buy in place of it will be for cash!!
it is common to get a loan approval a few days before closing.
I have a closing this Wednesday, and the borrower still hasn't received full loan approval.
This is what happens when a borrower finds a home, and wants to close in 1 week. Borrower has good reserves, and a low debt-to-income. It'll probably close thursday lol
Quote:
Originally Posted by njkate
Oh ok......at first they were going with the PBA but found out all the fees asociated with it so went for FHA which was approved maybe 2 weeks ago tops..loan officer said the closing can still remain the same 06/27 but they are getting nervous as no commitment papers yet
I'm not looking foward to selling my house in a few years..downsize..the only positive will be when it's sold what i buy in place of it will be for cash!!
Final loan approvals can be anywhere from 1 week+ to 1 day prior to closing. The important part is what your loan officer says is goign on and their ability to meet the deadline. As long as the process is moving forward and it closes on time that is the important part. Hopefully the loan officer has kept you updated on the steps and its just a few final t's to cross and i's to dot.
I'm sorry but as a processor my opinion is that if you are just a day or two away from closing and still don't have a clear to close than someone is not doing their job properly. In fifteen years I can count on one hand the number of loans I have done that have been last minute. I fully expect my CTC at least a week ahead of closing date and I expect my closing docs to be at the title company at least two days before closing so all parties can review. Working for a broker I can assure you that if a lender waits until the last minute, that will be the last loan we give them. Particularly with regards to purchases as not only do we want closing on or before date on contract but also we want to keep realtors happy.
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