Question about loan approval/closing (RE agent, documents, appraisal, negotiations) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

chibul · 06-11-2008, 09:12 PM

I think this is just me being nervous, since I'm getting ready to close on my first home (closing is set to be done sometime before 6/19). The appraisal just came in and it's going through final underwriting now for the loan. My LO says everything is fine, but it just seems like this would be done by now? Is it normal for this process to still be going on this close to the closing date?

adlnc07 · 06-12-2008, 05:51 AM

Quote:

Originally Posted by chibul

I think this is just me being nervous, since I'm getting ready to close on my first home (closing is set to be done sometime before 6/19). The appraisal just came in and it's going through final underwriting now for the loan. My LO says everything is fine, but it just seems like this would be done by now? Is it normal for this process to still be going on this close to the closing date?

I think you're fine - there's a week to get final approval, wire money and overnight the documents to your closing attorney. My closing is two weeks from tomorrow and the appraisal was just ordered within the past couple of days. I'm more worried about our repair negotiations than the loan getting done in time!

Rakin · 06-12-2008, 05:55 AM

Lenders always seem to wait till the last minute to get their work finalized. If your were closing Christmas 2009, you're agent would be calling them on Christmas eve wondering where the loan docs are.

Be patient

chibul · 06-12-2008, 11:29 AM

OK, I spoke too soon. This is what my realtor said:

Quote:

We got the title work yesterday--that was the last thing we needed. It should get submitted to Indiana Housing now by LO. I know Indiana Housing has a 72 hour turn around time. Once it comes out of Indiana Housing, it goes to LO's underwriter (which doesn't take too long as it's already been approved once). OnOnce it gets our of LO's underwriter, we're ready to schedule the closing! I'll let you know when it's out of Indiana Housing!

So it sounds like it'll end up finalized the day before we need to close at this rate (6/19). lol