Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Freaking out just a little....venting
Hey guys! So here's the deal. We put an offer in on our dream home and after going back and forth just a little, we negotiated on the price. We signed contracts to close on 9/30 and the inspection was completed. So here's where we are now. The bank has all of our paperwork (after asking for the same crap like 50 gazillion times!) They said it would be 3-5 days before we know whether or not we were approved (that was like 2 weeks ago!) Yesterday I got a call from one of the loan officers requesting the pin for my credit report (again I already gave that to them 2 weeks ago!) And she said if she needed anything else she would get back to me. She said as of right now she will be submitting everything to the underwriter and scheduling the appraisal.....Does that mean we were approved for the loan? Also this morning when I checked my bank account I noticed that they finally cashed the app fee check that they have had for over 2 weeks as well. As part of the banks perk, the $450 app fee goes towards closing costs at the end. All of a sudden I wake up this afternoon, (I work 12hr night shifts) and noticed a voicemail from another loan officer asking to get back to her as soon as possible in regards to the loan. I tried calling but she was already gone. Of course I am freaking out now! Does anyone have any clue on a time frame of when this whole process is typically over?? Thanks for listening ears. Me and my hubster feel like we are being tortured during this process. We literally are having a hard time sleeping/eating and pretty much are arguing over stupid petty things, I think all out of frustration. Any encouraging words out there?
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Re: Freaking out just a little....venting
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I am convinced that they try to break you down in the process to see if you can handle it. Lol. It's great that you are getting the appraisal, but, they can present more issues if the amount doesn't come at or above your purchase price. Also, if you have FHA there is even more requirements during the appraisal. We had to give the loan processor multiple bank statements and and to explain over and over that the accounts don't always generate the statement.
I was told multiple times that I would be able to close tomorrow or Friday. Now, after booking our flights they are saying maybe Tuesday or Wednesday because of a certificate they are missing. Then when speaking to the REA she says she "hopes" the seller will be out by Tuesday. Wtf? She was supposed to be out by today. Now my H and I have to get a hotel room for more nights than expected and a longer car rental period. I'm so upset because I called multiple times to check before I made plans to come. Sorry, this turned into my vent. I guess overall it wasn't toooooo bad but expect to be inconvenienced.
Welcome to trying to get a mortgage!!!
You won't get a mortage approval (clear to close) until a day or so before you're scheuled to close on the house. They still have to do credit checks, employment verification etc more than once during the process.
Lurker jumping in to say - this!
Did you get pre-approved before you started looking at homes? If you did and you are within that limit and nothing has changed in your credit report since then I wouldn't worry to much about getting "approved" at this point. If you are butting up against the limit of what you were approved for or over...that is a different issue.
Also, you have lots more hurdles to get over before you actually close on your house. Inspection, appraisal - all things that can affect your loan approval/amount that are completely out of your control. In the mortgage process you definitely need to sit back, breathe, and just let things happen as they do. Be prompt in your responses and hope that the universe throws that same good juju back at you
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We went with Capitol One, too, and we got our final numbers and approval the day before closing. Like I said before, as long as you are under your pre-approval amount I wouldn't worry about being approved for the loan. Good luck!
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Sometimes I think the issues that people run into isn't in actually securing the loan, but in finalizing the paperwork for closing. With so many different selling situations, it can often involve more than one set of people (ex: short sales, REO foreclosures, etc) and that complicates things. The more people/groups involved, the more paperwork there is.
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Well on the bright side it is so good to know that we aren't the only ones having these issues. Our closing is set for Friday. We are signing tomorrow. Somehow we made it through as I'm sure you will too. It all just seemed to come together in the 11th hour... .but there were certainly times where it didn't feel like it would.
PS: I work night shift at a hospital and I totally feel you about missing important phone calls when you sleep during the day. It totally sucks because I usually get the important messages after the person who called has gone home for the day and then you are left wondering....
So feel for you!!! We just got our keys today, thank god!! The last three weeks dealing with our mortgage broker has been an absolute nightmare. All I can say is hang in there and it will be worth it. I ended up having our realtor help me push through the paperwork, her and I just tag teamed my LO and literally called multiple times all day asking for status updates from him until he pushed the paperwork through. Not sure if this is an option/solution for you but it eventually yielded results for us.
Good luck!!
I totally understand where you're coming from. I know everyone has terrible experiences dealing with the bank, but I felt very vindicated when our loan processor was fired. It was like "this really is THAT bad? And I'm not the only one who thinks so!?"
What a relief to have someone new.
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