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February 26, 2020 at 2:24 am in reply to: Scheduled to close tomorrow but havent gotten final $ amount #65807
My MC says it’s not unusual for them to be working very late into the night, and I have heard of people getting them the morning-of, so I hope it works out!
I also learned that not getting the 0.5% rate reduction would save us a lot of money since we could buy-down further without it, so I’m hoping somehow we’re rejected.. Such a weird thing to be saying, but there it is.February 25, 2020 at 9:12 am in reply to: Lender credits shown on initial dc but not final dc #65784
There are only credits for members below 80% MSA, and only in few, select areas. It would show as a 0.5% rate reduction.
Update constantly – as close to instantly as you can manage. I set a calendar to remind me when everything would be available – every credit card statement, bank statement, paystub, student loan payment – everything. It’s a good habit to get into now as it will help you be on top of everything once the time crunches start to hit – keeping your file “up to the minute” helps everyone at NACA and BOA do their jobs quickly and efficiently.
I got qualified using the state tax record of transfer to prove my foreclosure. I expect they’ll need more to before the final closing, but that was a good enough start.
Our MC scheduled our Credit Access appointment for Tuesday, and at the same time the Loan Estimate was sent, so he’s working very quickly on that. I’ve assured him it will be later, but our contract still says closing on March 15th (new construction) so he’s trying to get it all done ASAP. In reality, we’ll be lucky if the house delivers by April 15th, the week before our current lease runs out. There’s a good chance we’ll be visiting the Extended Stay America for a few weeks.. lol
You are correct, @peapod0609 , the document is entitled Loan Estimate. It could be that I misunderstodd what the MC said.
Out of curiosity, who is your MC? I’m hoping it’s someone other than mine who’s corroborating being able to buy down more than five points…
And we just got our initial disclosure.. this actually feels real.
My home is scheduled to be finished in about 60 days, not built yet. My current MC is not super responsive, but he’s hit all of the expected deadlines – usually a few hours or only a day late, which is enough to make me panic at this point. My first few emails with him were a real challenge, but I am confident we’re on track now. With everything we went through for Qualification, I’m hoping everything is in good order and this will go smoothly. I’ve kept all of our documents up to date, we’re saving way more than our payment shock requirement, and since our old house is now sold and all but one debt completely paid off, there should be very little to look at.
This happened to someone else just recently, so hopefully they will be able to help more. I know it became a serious issue. I would call the Mortgage Department. When you do, if you’re on hold more than 1 minute it automatically transfers you to Member Services – if it does, just hang up and call in again. It’s tricky to get a hold of them but keep trying.
MC reviewed our contract and sent us the Transaction Summary, which I think is the last step before actual Credit Access? No real fuss over the new construction contract having been signed earlier.. big relief there.
I wasn’t sure if NACA was open yesterday or not, but my Realtor confirmed everything was uploaded, so I emailed him since we hadn’t heard anything yet. We need to address/get over the fact that we signed the contract in January so I’m sure that will add extra time. I want to be sure we’re moving on whatever will be required there.
We are at or below 80% of the MSA, but I thought finance law prohibited us from buying down more than 7 points anyway. We’re moving forward regardless, so I just have to keep being sure to ask the right questions and advocate for the best we can get.