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I went through credit access to signing bank app in a 24 hour span. Inspection happened on 10/15. My close date is scheduled 11/26. Seems like everyone’s close date is definitely scheduled ahead of mine. Im hoping it occurs sooner. Im stalking my webfile waiting on conditions but really hoping there will not be any. Then again at least it would nean somone has looked at my file. When did you have your appraisal completed? My realtor said it was scheduled for the same day as the inspection but I dont know if it happened and getting through to the mortgage dept. Hasnt happened. I can already see issues with that. Good luck everyone!!!
Thanks for the information. Has anyone ever heard of a bank app going through without conditions? I ask that because some people seem to fly through the process and others have issues up and right at closing. Ive followed @Nelsont and he did know his closing literally until hours before he closed. That was both amazing and scary.I wish more people would list there process more. I love reading them and they give ideas of possible hiccups thats possible.
@cynthesize, my status changed to that today late afternoon. I will definitely keep posting any changes.
Thanks @ Nelsont!
@Nelsont, that’s exactly what I will do. Thanks. I’m not sure what a lot of us on the forum would do without you. Me myself, I’m always waiting for you to answer the questions. You really know that your talking about. It’s even better that you have actually gone through the process yourself. Thank you.
I was told to get Homeowner quote for full replacement. But ot given a lender address. Can anyone help me with that? Also how much is too much for a quote?
@Nelsont and @TTrumble the reason why I was requesting more was because my intial qualification ended up being for my base rent and not the total rent I pay each month. I have to pay for cable and internet with my rent. I dont have the option of not paying it all. So when I orginially requested what I pay in rent I meant the total I pay monthly. I didnt even know there was a base rent that I was paying. With a slightly higher amount I wouldnt need to buy-down my interest rate.
@Nelsont, the MRF and reserves are the same thing? I thought you used the MRF to pay for the inspection and other things like buying-down your interest rate if you choose. Am I seriously wrong on this?
I recently got a PSL for a home I want to make an offer on. First of all getting the letter was like pulling teeth. When I got the letter maybe I was expecting it to say more the the onky thing it had on it was the property my name, the property address, Selling price and current interest rate. The letter had the exact information of a letter I received at the purchade workshop.In the email I received the MC wrote, “its close but doable”. Am I missing something. When I checked the home information on the NACA calculator since the taxes here are high It wouldnt allow me to enter a higher tax rate and the amount that comes up doesnt allow you to increase to the actual tax amount so you never truly have a correct amount. My numbers would always be off. There would be no way for me to proceed without the MC help and its super easy to miss out on a home because the are not getting back with you. Btw…in my local office there is only 1 MC!!!!
@Nelsont, when I asked my MC what was needed he told me ro prove rhe information listed in the MLS listing to him along with the address Nd listing price. Nothing more. Ive done that requesting rh property spe ofic letter and each time all he emails me is a comment on whether its doable or over my PITI usually because of the taxes. Nothing else. Its all confusing to me. Thanks for your reply. You have provided me with more information than my MC.
Is the qualification letter the same as the property specific letter. I asked my MC about a property I was interested in and I sent him the MLS information and all I got from him was a comment stating the property is good with alittle extra for rehab if needed.
@Nelsont..the house has a lot of updates on it but it does need more work. Thanks for explaining that. I just didnt know where he got that information and when I asked him he replied for me to have my realtor explain it to me. That kind of threw me.
@Nelsont the issue with what was incoreect was that I asked for a mortgage that was equal to what I paid in rent. The MC was calculating everything with that amount. When it went to UW they came up with an amount that was $60 less. Here in NY that makes a huge difference. Everyone was confused until it was discovered rhat my base rent was one number and the extra $60 was for cable and internet that was added to my rent. We dont have an option to pay the lesser amount so we were looking at it as being “rental amount”. UW saw differently. Everything was worked out. Not an issue anymore.
@lgunter84 I had some bills that were less than 10 payments more like 4 or 5. To avoid that mistake I went on and paid them off. It is making life so much easier.