Realistically, what are we looking at? (insurance, loan officer, approval, credit)

[mrsclmn]

We were supposed to close tomorrow. We had everything we were supposed to have had to the bank. On the 16th, they added a few more items, mostly dealing with VA stuff. The closing lawyer we are using says that they must have the loan package from the bank by noon the day before closing or they will delay the closing. Well, BofA did not have our package ready. So today my husband and I are calling all over trying to get answers as to what's happening. NO ONE answered the phone or returned any phone calls! Oh we were more pissed that they seemed to be avoiding us than the whole being late thing. Finally around 7pm I got a call from the processor who says the file is in underwriting and we should have an answer in the morning. I call my husband to let him know that at least SOMEONE had finally let us know SOMETHING. Two minutes after I got off the phone with him, the loan officer (thank you to whoever corrected me on the mortgage broker vs loan officer difference) called to let me know that the file was in underwriting. She obviously didn't know the loan processor had called me about fifteen minutes before she had. She went on a spiel about them having to wait for other people (there was no one else to wait on though. Maybe the appraiser's final inspection but THEY're the ones who hired the appraiser) and she said our rate expires COB on Thursday, but that we should have closed by then and if not, she would get a rate lock extension and she would pay for it.

So even though she SAYS she believes we'll close by Thursday, I'm not that trusting of her anymore because all along she's said "oh I feel confident we'll close on time", yadda yadda yadda. Just the fact that she's mentioning that she would pay for a rate lock extension has me concerned that we might not close by Thursday.

What I'm wondering is, if the file just went to underwriting this evening, how likely is it that we'll have the approval and the closing paperwork will be sent to the lawyer's office by noon tomorrow? Is that impossible (or improbable) to do?

My husband took leave time to accomodate helping me pack, close, and move. I'm afraid by the time this loan goes through his leave will be over and I'll be moving by myself.

[msina]

I feel your pain. We closed on a V. A. mortgage on 6/10. Closing had one delay after another, the appraisel, the inspection, the water test, updated bank statements.......... arrrrrghh. It will happen, the V.A. reg.'s are maddening but it's all good. The people working on your mortgage may have others they are working on at the same time. Best of luck and congratulations on your new home.

[VictorBurek]

I hate to say this to you but your odds of closing tomorrow are pretty small. Usually UW takes 24 to 48 hours, than you get conditions meaning the lender will ask for more up to date paystubs, better copy of drivers license, etc...

If the lender has all updated information, there is a chance but very unlikely. I would suggest that you get all updated documentation so if the lender asks for it you can provide quickly.

[mrsclmn]

Those were the things we got to them on time. I mean there seemed to be condition after condition, but we've put in the updated bank statements, pay stubs, they've done the recent credit supplements... The things they were conditional approving on, now they've finally got the file for final approval. If they ask for anything else after all this

[msina]

Do you have your home owner's insurance set? I bet you close before the week is gone.

[mrsclmn]

Yep, home owner's insurance was part of the conditions they asked for that we sent in. The closing lawyer has rescheduled closing for Thursday so I'm keeping my fingers crossed.

[msina]

Just a small delay then. It can be hard to wait through all the steps and such. Our original closing date was May 9th, we closed June 10. I was so glad to get closing behind us. I hope you're very happy in your new home. Try not to overwork yourself moving.