Mortgage Commitment

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  • #41827
    rayofhope
    Member

    I have another question – Tim ( @ttrumble ) can we get a mortgage commitment before HAND is cleared. Our Closing Coordinator & Real Estate Agent are both debating about it in email. There are required repairs being completed by the sellers and it hasn’t even been a month since they started the repairs. How can we wait that long – we really need that mortgage commitment since all of the bank conditions has been met. What do you think?

    #41912
    TTrumble
    Member

    Hello rayofhope,

    Unless I am misunderstanding something, HAND clearance should not be necessary to obtain a mortgage commitment. We do not require HAND clearance to submit the bank app, so it should have no effect on getting the commitment from the bank.

    HAND clearance is of course required before we can determine a final loan amount and Clear to Close can be given, but the loan commitment itself should not be an obstacle.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #41917
    rayofhope
    Member

    Thank you so much, Tim! We just received the mortgage commitment letter today. We are so happy and can’t wait till our closing date!!!!!!!!!!!

    #41921
    moonlight29
    Member

    What was before receiving the Mortgage Commitment. Should i get the homeowners insurance ASAP or right before closing?

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