Bank Application!

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  • #66193

    We are filling out our bank application now. It lists the buydown and such – is this final now? And if we got the .5% reduction, would it be listed now? We’ve been on pins and needles waiting to find out exactly how much we need to put toward buydown and I’m hoping this is the final answer.

    #66195
    Nelsont
    Member

    You should be doing it in the local office with your MC telling you where to what to fill in. Are you filling out the packet you got in the mail from boa? Don’t. Despite the letter that says you need to.

    #66202
    Peapod0609
    Member

    I second that, if you’re referring to the thing you get in the mail, NACA clients do not need to do that. BOA sends that out for all loans. If that’s what you are doing, then you do not need to do that and that is actually not what we are referring to when we say the bank app submission phase of the process.

    Basically, the bank app submission occurs after you have been Credit Access approved. After you are approved, this is where you come into the office and your MC will have you sign a bunch of paperwork and when the appointment is over, your loan will be sent off to Bank of America. At that point most stuff is out of NACA’s hands and your MC/NACA is mostly a middle man between you and the bank. It is at this point where you should also start calling the mortgage department for updates, their number should be in the webfile and/or NACA’s website.

    To answer the other part, yes. Yes, this is where you should be seeing your final interest rate when you come into the office to sign the bank app. The grant (if you qualify) and buydown stuff should be in there at this point. If you get to this point and you feel there is an error, be sure to speak up to your MC and see if you can get it resolved before signing it and sending your file along to the bank.

    Keep in mind to my knowledge you won’t “see” the grant anywhere. I received it but I did not see a line item for it or anything like that, it just manifested itself in a 0.5% interest rate reduction.

    #66203

    We are doing ours remotely because of the distance to the NACA office. This is the packet sent to us by our MC, having finished Credit Access. I don’t think there’s an error, there has just been so much uncertainty, that I have been eager to know the final numbers. Thanks!

    #66204
    Nelsont
    Member

    Between bank app and clear to close your “final numbers” will change 3 times. You will get an exact exact amount when the the title company confirms the paperwork sent over from the bank the day before you close.

    #66214

    Well that is certainly nerve wracking.. I hope we’re not talking about tens of thousands of dollars difference like it has been up to now. At any rate, the application has been submitted to BOA, so here we go!

    #66216
    Nelsont
    Member

    It will be a negligible difference.

    #66223
    Peapod0609
    Member

    Yeah, your final amount to closing unfortunately will change a few times. No, it shouldn’t be tens of thousands of dollars difference, unless something was missed.

    The exact amount can’t be determined now anyway because you don’t have a closing date from the bank. Until you do, you do not know to the penny what your taxes will be, nor the prepaid interest. And they still need to figure homeowners insurance into the escrow as well, which will happen soon. So for these reasons it is kind of impossible to know exactly what it will look like, all you can have are estimates that will change until you have the closing day and everything else finalized.

    Which is another point, if you signed your bank app, now is the time to be shopping for homeowners insurance.

    #66229

    We’ve put in for our homeowner’s policy. Our MC was very direct about that, though we were already working on it. What has been worrying me is the amount we need for buydown/principal reduction. If that is set, the minutiae aren’t an issue. We have a projected closing date that the bank should be able to meet – April 30th.

    #66230
    Peapod0609
    Member

    You should get some disclosures in the mail soon. Those will include an estimated cash to close. Check over them, and see if the numbers look right to you. It will include property taxes, prepaid insurance, prepaid mortgage interest, homeowners insurance, etc.

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