Buying A Home
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How long did it take for the 2nd mortgage in your SS to accept

So i posted last week asking for advice of how long after hte BPO did you get acceptance of your offer and yesterday I got exciting news---the bank for the first mortgage accepted our offer! They didn't even counter offer or anything, and there is still going to be some "left over" money for the 2nd mortgage.

Now the realtor said it is a waiting game on the 2nd mortgage and they tend to be finnicky. However, it is the same bank so I am hoping it gets pushed through...

Anyway- I know that there is NO speciific time line and I know EVERYONE is different. But I am wondering, if anyone has gone through this what was your experience in hearing back on the 2nd mortgage....? A week? a month? 6 months?

Re: How long did it take for the 2nd mortgage in your SS to accept

  • I think ours took about 3 weeks. They actually did their own BPO too. The 2nd mortgage on our SS was actually a surprise as in the sellers did not disclose it and the title company didn't find it until the 1st bank had approved our sale and they were moving forward with our paperwork. The 1st bank offered the 2nd bank a buyout of $5k and our realtor said typically it's only about $3k so the 1st bank was pretty motivated to just get the sale closed. 
  • thanks for the info. Do you know what bank they had their mortgages with. our sellers have it with Met.

    I am sure they are just as anxious to get it apporved as we are.

     We got the approval on the first mortgage on 12/4, so i am going to wait until 12/20 to check in again on the 2nd one. Our contract is up on 1/5.

     

    Ps that is really random tey didn't disclose it...did they not think they would get found out!?

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