I got approved for the mortgage through national city, and last week the loan officer said that I had the final ok from the underwriter. She said that all they needed was the appraisal (which was completed last week), the title work, my most recent bank statement, and home insurance. We are scheduled to close on the house on 12-1-07, and the loan officer said that she thought we were on the right track to getting it closed. Is it ok to start getting excited about the house or is there still a chance that it wont go through???
I already had a professional home inspection and made an repair amendment to the sales contract for those repairs.
The Mortgage Application Process
http://www.federalreserve.gov/pubs/mortgage/MORBRO_2.HTM
the final ok from the underwriter
yes you can be excited!! final is final……. no more
your getting your house!! yeyyyyyyyyyyyy
References :
The Mortgage Application Process
http://www.federalreserve.gov/pubs/mortgage/MORBRO_2.HTM
References :
http://www.federalreserve.gov/pubs/mortgage/MORBRO_2.HTM
I would get a home inspection before buying it. That is different from a termite inspection, which you might also need depending on where you live.
A home inspection will let you know of any problems that there might be with the house that you wouldn’t be able to find.
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Your loan officer lied to you.
What you have is a commitment with conditions that need to be met satisfactorily, not final at all. If you aren’t ready to print loan documents, it’s nothing like a final approval.
That said, none of the things you list is onerous, and unless there is something unexpected, I wouldn’t anticipate any problems. Your loan officer may be doing things the hard way, but you’ve got plenty of time yet. Things CAN go wrong at any stage of the process, but none of that is the high concern stuff like debt to income ratio.
Go shopping for home insurance right now. I strongly recommend an HO-3 policy to my clients, as the coverage insures your home against the widest range of losses. Depending upon where you are, there may be tricks and laws about coverage. For instance, here in California lenders can’t require insurance to the full amount of the loan, but they can require full replacement value insurance.
Be it noted that earthquake and flood insurance are wholly different policies, never covered by standard homeowner’s insurance. If you live in an area prone to such, they’re a real good idea, as many Katrina victims discovered.
The title report should be done within three business days of opening escrow. Why isn’t it back by now? I’d be moderately concerned about this.
You’re not done until the grant deed and trust deed are recorded, but the obstacles in front of you don’t look difficult at this point.
References :
Realtor and Loan Officer in San Diego. Website http://www.danmelson.com/
It will not be final until the actual closing, and you have the keys to the house. I would not make any plans to move yet (don’t give your landlord notice, or order tons of new furniture), but it sounds like you are on your way.
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