underwriting??

[PaDisney02]

Can someone please explain the process of underwriting to me when it comes to buying a home? Why does this take so long? I completed my loan application and gave them all the paper work 3 weeks ago. An underwriting called me two weeks ago and asked my one simple question, which I was able to answer for them. I havnt heard anything since! Obviously when they called me to ask me a question that means they were in the process of looking at the loan, right?

The man who pre approved me said he thinks everything looks good and it should be approved as far as he know, but that its still in the underwriting process. My closeing date is in 2 weeks and I still dont know if its a sure thing! Any advice is greatly appriciated.

 

[bicker]

That sounds very strange. I have been working with my loan processor for several weeks, putting her in touch with the condo's insurance broker, and other such details. She got the last bit of paperwork on Tuesday, and she submitted the paperwork to Underwriting on Wednesday. I was cleared to Close by Friday.

(To be fair, this is a refi, but still.)

 

[golfgal]

It is a pain in the rear to get a new mortgage these days. We have friend that have been homeowners for over 20 years, 800+ on their credit, coming in with 40% down, sold their old home and closed (job relocation) and the hoops they had to jump through were amazing. Even back in the old days this would have been a slam dunk approval-not today. Some others we know trying to buy a house, CASH SALE, have been going through hoop after hoop trying to get the deal done-mostly with the people buying their home but the closing has been put off I don't know how many times since August and it STILL isn't done.

 

[Tink888]

It could be any number of things, an issue with your credit that they are trying to resolve. They could be waiting for title work or trying to resolve a title issue, they could be waiting on the appraisal, etc......

or it could be nothing more than the loan processor has eighty files they've got to get through, thirty of which are headaches and they just have gotten to yours yet.

If you know that your credit is good and you were pre-approved, generally no news is good news and I wouldn't worry about it. You can always call your agent or loan officer if you want a definite answer. The squeaky wheel usually gets the oil.

 

[PaDisney02]

Thanks for all the advice.

I was preapproved but all that mean is the lender checked my credit and knows my income. Now is when they really look through everything.

The underwriter called me last night and asked me for my rental history. Its seems silly that she now is asking me for this.....that seems like something they could have asked for upfront. Obviously they were working on it weeks ago if she called me to ask me a question and now I know they were working on it yesterday because she called me. To me, it would make more sense to work on one persons loan at a time, but what do I know! LOL!

The kicker is that they set up my closing to be in 2 weeks! I dont know what the rush is. My realotr said everything looks good and I should still plan on the closing being in 2 weeks. I just hate not knowing for sure if I'm moving my family in 2 weeks or not...cutting it too close for me.

I guess I just have to wait. Thanks again!!