WORRIED and more WORRIED

ty_lees · Joined: 22 Apr 2008 Posts: 6 3.73 Dollars($)

I don't know if this ever happened, but I was just wondering and a little worried about the whole closing process. I've applied and was pre approved for a loan. There are some contingency that was listed for me to complete. If these contingences are met does that assures me that everything will be okay. Or do I still have to worry till I actually get the keys for the home. The reason why is because I've made a really nice offer on a dream home and deposit $5000.00 for the earnest money. I'm a little worried if something happens in between. Please lmk of any inputs.

larry · Joined: 27 Jun 2007 Posts: 3245 460.30 Dollars($)

Hi ty_lees,

I think if you should fulfill those contingencies to get approved the mortgage? BTW what are the contingencies that are listed?

Guest 0.10 Dollars($)

Nothing major,

2 recent check stub
2007 W-2’s
Last 2 bank statements
Proof of 6 months of mortgage payment after closing.
Buyer & seller contract
Letter from a collection agency showing a settle debt
Home insurance
Letter showing why my credit was hit so much recently
Letter showing larges transaction activity in checking/saving account

BTW, there is nothing on this list that I have a problem with.

chrisburns · Posted: Thu May 22, 2008 6:34 pm Post subject:

sounds like they are gathering the required documenation to submit your loan for underwriting.

In a nutshell this is what you should expect:

Buying a home is very stressfull naturally. Just go along with the process and get them any and all documents they request as quickly as possible. Make sure to ask lots of questions of the loan officer your workign with. Staying involved in teh process and understanding as much as possible will cut down on your stress level.

Good luck to you!

gmakerley · Posted: Fri May 23, 2008 8:07 am Post subject:

the major reason things go awry in this stage of the approval process is that the information being verified doesn't match up with what was originally disclosed.

for example - this happened to me lately - borrower has 2 jobs. the requirement to count the second (part-time) job is a 2-year history of working a second job. when push came to shove and we verified time on the second job, it turned out to be less than 1 year. BOOM! we couldn't count the income from that job and the loan got declined.

other things can also trip you up. if you have large deposits to bank accounts that you cannot explain satisfactorily, that will raise questions and perhaps even lead to a denial.

one thing that borrowers need to do at the time of application is to ensure that no inaccurate information is provided to the loan officer. for loan officers, we need to ensure that we collect all the relevant information at the earliest possible time so as to avoid these questions later.

chrisburns · Posted: Fri May 23, 2008 8:12 am Post subject:

This is very true.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

Don't worry. If it's meant to be, it will close. Most people do worry unnecessarily when buying a home.

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