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.
Can someone translate this for me?
When we got our mortgage commitment letter it indicated we needed to provide 2 things: statement regarding our good faith deposit we made towards the purchase agreement and proof of homeowner's insurance.
We provided both of those and the reply from our loan officer was "Thank you! We have everything we need for the closing on April 30th!".
What does that statement mean? They are just waiting for the loan to fund? Should we not expect any last minute requests for information during underwriting?
Re: Can someone translate this for me?
IMO, that translates to...
Thank you! We've received the information you sent and are tenatively still ok to close on April 30th.
The documents you sent will likely have to go to the underwriter, who willl have to finish reviewing it and either request more stuff or sign off for approval. Then the formal closing date and time will be set.
http://pandce.proboards.com/index.cgi#general
Thanks!
Interestingly we have already scheduled the date and time with the closing attorney. I keep waiting for something to happen because it has been smooth sailing until this point. There's nothing income wise they can really ask us b/c I'm a SAHM and DH is a military officer which means his income can be looked up online and isn't subject to random changes.
Hopefully it means what it did for us. We were told they had everything and they sent us our HUD in advance to review the numbers.
I have heard horror stories about getting requests for information at the last minute, so I was on edge until we signed the closing docs.
You're probably ok then, given your situation.
I've closed on three houses and only one of them didn't go smoothly. The one that was questionable went haywire a few hours before closing because someone (not me) opened a charge card in my name, so I had to run around getting that taken care of (before the days of cell phones and email) before closing.
http://pandce.proboards.com/index.cgi#general
Ditto.
My friend who recently closed on their new house was asked 3 days before closing to provide information regarding how much commission she would make this year. She works in sales and obviously nothing is a given, so she had to scramble to get something in writing they would accept.
Any inquiries about DH's salary will have to be directed to Congress, LOL!
I'd be prepared to provide additional documents up until closing date. They did it to us. You're probably good to go for now until they find something they need from you guys. It's sounding good though!
They also even had us provide a document 2 weeks after closing!
We had to provide some additional documentation to our underwriter at the last minute. (Closing was scheduled for 9am and he called asking for the stuff at 5pm the night before).
He needed new copies of a couple months of bank statements since the bank logo was cut off on a some pages. And he needed DH to sign a "gift letter" to me for some stocks he'd cashed out to help fund our down payment. The mortgage was going in my name only, not DH's.
Our appraisal still wasn't in (have come to believe it was in, but the builder was fighting for a higher number) and they pushed our closing time to 2pm.
It was nerve wracking but all turned out well.
I'll be annoyed if we have to provide statements. Our loan officer specifically told us that we were good to go and were free to move money around.