Buying A Home
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Closing in 6 days and NO Commitment Letter FREAK OUT!

We are supposed to be closing on June 27th and our mortgage broker still has not secured a commitment letter - let alone a clear to close from the bank and now he is avoiding my phone calls.  We were originally all set months ago - until our broker called and said he had accidentially signed us up for a Hobby Farm mortgage instead of a single family home - so we had to start all over!  What can I do?  I am so worried the sellers are going to walk away with our deposit

Re: Closing in 6 days and NO Commitment Letter FREAK OUT!

  • Since he's already screwed up once, I think I'd be calling his supervisor at this point in time. You wouledn't normally have the clear to close this far in advance, but you should be getting some sort of response. Silence is not acceptable.

    We never got a commitment letter, but our lender took the initiative to call the selling agent and let him know that the delay was due to their underwriting department having way more work to do than they could handle at the end of the month (when our commitment letter was due). The lender let the seller's agent know that we had submitted all necessary documentation and would have no problem securing the loan. Our sellers and the agent were cool with that verbal reassurance, and it was a non-issue.

  • I agree - reach out to the supervisor.  We kept asking if additional documentation was required and how we were doing on time.  We got no response until 2 days before we were supposed to close when our loan processor let us know our loan never made it to UW (they told us they were sending it a couple weeks earlier) and that there was no way we were closing on time.  DH spent A LOT of time on the phone with various supervisors and we were able to close only 5 days behind schedule but it was such a hassle.  Do NOT accept silence!
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  • I didn't get the commitment letter until 2 days before I closed.  
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