Credit access condition/appraisal ordered

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  • #66905
    hopeful2020
    Participant

    Hi can someone please kind of help me understand what to expect next. My counselor gather everything for the credit access and now it’s ur status status says credit condition, but a day ago the seller contacted our realtor letting him know an appraisal was order for 4/13 and our closing date for s 5/5. However we have not done a bank application yet. I’m getting pretty nervous right now.

    #66906
    Nelsont
    Member

    You can expect credit access to be very similar to qualification. The conditions will likely be similar. You will get asked questions about your finances as they specifically relate to this particular house you have under contract. The difference is that credit access is typically faster than qualification. Still I agree with you that 5/5 makes me nervous.

    How long was your contract? You need at least 45-60 days. Your credit access could take just a couple of days or possibly a couple of weeks. Once you sign the bank app it takes bank of america maybe 3 or 4 weeks or more sometimes to go through the process including handing you conditions that are similar to credit access/qualification.

    #67138
    hopeful2020
    Participant

    Been trying to respond back to you but I have been having tech difficulties. so here is my time line.
    We signed our contract on 3/28 and the seller notified our realtor stating an appraisal was ordered on 4/13. We signed and returned our bank application on 4/17. our webfile shows lender condition and how to submit them, but no actual conditions.

    we are getting worried as our closing date of 5/5 is nearing we have already given our notice to vacate our current place as well.

    my question is ….

    where do you think we are in the process? our we near closing of 5/5?

    why havent we recieved our apprasail still?

    is there a way to check the loan status on BOA page?

    #67140
    Nelsont
    Member

    While you can try to escalate your file you still have to wait for boa to perform their review. Unfortunately I feel like middle to end of may is a more realistic timeline for you. Boa will review your finances and all that but they stop everything and shelf your file until they get the appraisal.

    Was the appraisal done on 4/13 or just notified it was ordered…it’s actually ordered when you submit your contract…sometimes it takes a few weeks for the appraisal to be done because it’s done by a local small business BUT in today’s pandemic there are some appraisal companies not appraising and in the case of states like California appraisers are not allowed to operate at moment.

    Either way if you have no conditions no repairs no waivers of repairs no questions about the county records or the builder or anything along those lines you would be looking at probably 3 weeks from 4/17. Otherwise maybe 4 to 6 weeks…if you signed the contract on 3/28 then 5/12 would be the earliest recommended date to put on your contract for closing per typical guidelines with 5/27 being more realistic. And that’s if there are no delays.

    You are most certainly at the beginning of the bank app stage. There’s really no way to get a status update other than waiting for conditions which might appear this week or next.

    #67144
    hopeful2020
    Participant

    The seller notified our realtor on 4/13. I am not sure- maybe it could of been ordered on 3/28 when we signed our contract. We are hand cleared 3 weeks ago. I dont know I am just getting nervous. Our credit access was quick I believe and I am just hoping for a smooth closing as well. The sellers really wants to close very soon.

    How do we receive the apprasial? some people say its online, but I dont see it and some say boa mails it out.
    And when do you think boa sends the commitment letter?

    Anyways thank you for answering my questions and replying.

    #67149
    Nelsont
    Member

    Boa receives the appraisal and mails it to you and also uploads it.

    The commitment letter is not sent until after conditions have been met. You need to just trust the process. Remember it is Tuesday and you signed the bank app on Friday. You just entered the beginning of the longest stage. It will take a month or so. They will hand you conditions first almost assuredly. Just relax.

    #67858
    hopeful2020
    Participant

    Hi

    I am back on here again. We just recieved our closind disclosure yesterdayfor 5-12-20. However, I was wondWe were wondering how do we go about in buying fown our principle. we already aare buying our interest down to 0.125 and would like to use our remaining money towards the buy down of principle swe can lower our monthly payment down a little.

    #67859
    Nelsont
    Member

    I’m pretty sure that needs to be discussed and “written in stone” before you sign the bank app. Credit access is among other things underwriting you for things like interest and principle reduction. The bank will then do the same. I believe once you sign the bank app you can’t change what you want to do.

    #67860
    MovingInMass
    Participant

    Hi, Hopeful,

    Congrats on getting your closing disclosure!

    Regarding principle reduction, I’m pretty sure you would have had to do this at the bank application stage (we did). I’m also pretty sure if you go back and try to do this now, it will hold up your process. If lowering the monthly payment is crucial, do it. If not, and you still want to reduce your debt over the long haul, you can always send in the extra money with your first normal mortgage payment, specifying that you want it to go to principle, not interest.

    Good luck!
    MiM

    #67861
    hopeful2020
    Participant

    Oh okay. I emailed our MC about it before and I didnt recieve response, but it was something we were interested in. However if that cant happen at this stage thats fine also. And you were right about our closind timeline. Now here.

    Thanks for your help throughout the process. Since it says 5-12 is the closing date on our CD, it feels not to real but excited at the same time.

    #67864
    hopeful2020
    Participant

    @movingInMass

    Thank you! I think we will just keep it that we really dont want to push anything backwards now. When should we expect our final CtC. Did you guys close on the same date stated in in your CD or past it? our seller wants to close very soon so Im hoping 5-12-20 it is.

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