Buying A Home
alylove11
member
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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.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Chase taking forever on approval
So, I gave all my documents to the loan officer two weeks ago. I got a phone call to bring in updated bank statements or otherwise we would have been declined due to insufficient funds. (Our loan officer said we were fine at pre-approval, but I guess we weren't after all). So, I gave them updated bank statements are we now are okay. The processor said that the underwriter will take another 4 days to a do a conditional approval. What is this? I'm so confused. After we get all the conditions, can we get a closing date? I'm having a hard time understanding this process. Also, I got a call from our builder saying our house will be ready in 25-30 days. TIA!
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Re: Chase taking forever on approval
Thanks for the info! Would you be able to give me a time frame that it might take to get to a closing date? The builder said if the house is ready to close and the bank is not, I would be charged $50-100 a day until the bank is ready. The only reason why I chose Chase is because of my dad's union and what they are providing for us with closing costs and our mortgage.
I never want to buy a house again! I'm thankful that we are in the process of buying a home we want to live in for 10+ years.
A conditional approval means that your mortgage will be approved if you meet the litany of conditions that will be set forth by the underwriter. Our conditions are 2 pages long.
The amount of money in the bank was one condition. We basically had to show that we had enough in the bank to cover all our closing costs, plus the remainder of our down payment PLUS 17% of the purchase price of the home.
We had to show documentation for various large deposits.
We have credits that are due to us from the builder, so those are on the list of conditions.
You'll have conditions regarding the final inspection on the home.
It goes on and on and on.
And yes, once all the conditions are met, you normally get a closing date, but our broker said that a "clear to close" can happen as late as 2-3 days beforehand.
Hang in there. It's a stressful process, but worth it in the end.