Forum Replies Created
February 26, 2020 at 6:16 pm in reply to: Scheduled to close tomorrow but havent gotten final $ amount #65827
Any updates? I didn’t get mine until 7:30 p.m. and that was only because I emailed the title company directly earlier in the day.
My closing coordinator didn’t email us until the morning of closing that they had them! Of course, I had it the night before, so I already received it.February 20, 2020 at 1:12 pm in reply to: Statua went from conditional approval to ctc final – still no disclosure though? #65699
I received my initial disclosure a few days after the CTC: Final, then got the final disclosure a few days after that, if it helps. I also didn’t get my final disclosure until around 7:30 p.m. the night before closing, and we had closing scheduled for 11 a.m. the next day. So timing was tight, we didn’t get it until what, 15 hours before close? Sometimes that’s how it happens.
Our timeline below. Hang in there, you are so close!
– UW – CTC on 11/06 and verbal VOE’s and CTC Final on 11/07
– Initial CD on 11/12 ,and Final CD on 11/14
– Closed 11/15
Gotcha. I mean Loan Estimate Disclosure and Initial Disclosure sound pretty similar.
But this disclosure gives you some very preliminary figures and it also starts to generate the loan with Bank of America. You should be in contact with your MC for a credit access appointment very soon, and you will go through that phase over the next 1-3 weeks or so. NACA’s goal, which is one thing they are good about, is getting you credit access approved within 10 days of this point. So, hopefully, they can do that for you. Just know if it takes longer it isn’t necessarily the end of the world.
One word of advice on these disclosures, you will get many of them at various points in the process, and they almost always do not have the correct info regarding lots of things. Once you get to the bank app your final interest rate including grants and buydown should lock in, and that will be correct. But you will see other things like escrow and pre-paids and those amounts will vary each time and get more and more updated as you go on.
For me, I did not receive the correct numbers until my Final Disclosure, which we did not get until 7:30 p.m. the evening before closing the next morning. So yeah, stuff will change, be prepared for that, lol.
- This reply was modified 2 years, 5 months ago by Peapod0609.
The realtor should be doing almost all of the speaking for the seller on your behalf. So I feel that your suspicions that they could be doing more are true.
When it comes to realtors, if you aren’t getting the service you feel you should, you are always free to work with someone else. It happens.
The $124,000 number is what you are looking at. If your income is under that number, you will be a priority member for NACA and can purchase anywhere in that MSA.
If you are at 80% or under, you are eligible for a special interest rate reduction as well. So if you are below $99,200 then you will qualify for the lower interest rate and/or the additional buydown.
@BakerTheBaker you shouldn’t have an Initial Disclosure at this stage, it is way too early. Are you sure that what you received wasn’t the Loan Estimate Disclosure? Those are actually two different things.
The Loan Estimate will come via email and according to my MC once you click on the “accept” button is when the bank starts the process for your appraisal. Although with yours being a new construction it may be slightly different, as I know there are often multiple appraisals during that process. And this comes shortly after going under contract, which is what I believe you just did.
The Initial Disclosure and Final Disclosures you will receive very late in the closing process. These are closing disclosures which tell you the amounts to bring to closing (or the amount you receive back, in some cases like mine).
Keep trying to get information. Send emails, as well. That is usually more reliable than calling your MC. Also try calling Member Services.
That’s good, I believe you should be asked to come into the office soon for a credit access appointment and then you and your MC will be going back and forth with the underwriters trying to get credit access approved.
Once you are, you come in again to sign your bank app and then the process shifts to Bank of America with your MC being more of a middle person.
Very cool! Be sure to be in touch with your MC, at this point in the process they should be working your file almost every day during the credit access stage.
You will definitely need the whole day in all likelihood. I would try to go as early as possible, too. If you can, get there when the event starts.
That is crazy! And I believe it, I calculated that without NACA my mortgage would be like $500 a month more!
I am very glad to see NACA being proactive in dealing with the communication issue that is often a problem with the program.
Solve that, and the program is unbelievable! The mortgage product is already excellent so if they can nail down the other stuff, that’s great to see.
The PSL will not show the interest rate reduction grant from BOA. That will not come until your bank app.
My final CD didn’t come until about 7:30 p.m. the night before closing, some people get it very last minute!
You can’t really “get qualified” at your intake meeting. Best case scenario is you have everything together and they can send you for qualification, which could take a few days or even a week or two with underwriting.
But yes, if you pay off the collection, it won’t count against you. You might be required to write an LOE (Letter of Explanation) detailing what it is, why it was on your credit report, and what you did about it, but that is it.