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Guest

It's now 60 days after I first enterend into contract and my realtor is trying to write up another extension. From bits and pieces, I know the loan finally went to underwriting 30 days ago... manually. This past two weeks, I'm being asked to submit newer bank statements, pay history, another clarification of a deposit in my checking account 3 months ago, appraiser sent out again this week to check repairs on the minor hail damage... and suddenly, my closing cost jumped from $5k to $7k. The loan processor thinks there is a mistake somewhere and now I'm being asked to verify if I have that amount....

Is this unusual? It's a 2 year old house and my realtor is at lost as to what to extend the contract to. The loan processor doesn't seem to have much of a clue and I feel like the extra paper work is just more rif raff for dropping the ball somewhere.

I'm so fustrated. Any advice would help. My apartment lease is up and I will have no where to live soon.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

The main issue is, the lenders are really gettign strict when approving losn, they are being more cautious to ensure that they are giving the loan to a right person

Especially in this market it will take longer.

Remember they are stilldealign wiht those forclosures, loan modifiations and all the toehr stuff

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

waiting

welcome to mortgagefit

IN most situation this may happen if you do not enough choices,enough lenders to offer the right proposal.This happens due to poor credit.

If you have good credit (I m just assuming) then It is advisable you should give a try to other lenders as well.If you do not have a good credit then I think you need to bear the extra 2k no matter how hard you try to fix it up.
It is advisable to dispute with it once the loan amount is disbursed.if you dispute it at initial stage your all the efforts will be in vain and will have to start from scratch once again with another lender.

thanks

keep in touch.....

jameshogg · Posted: Fri Oct 02, 2009 11:59 pm Post subject:

Hi Guest,

It would be better if you could clarify the details with your lender. You have the right to know as to why your closing costs have suddenly been raised. Moreover, you should note that if the closing is delayed, then the rate lock will get expired. Thus, the lender will have the right to raise your interest rate depending upon the market situation. I would suggest you to have a word with your lender and clarify the issue.

Thanks

gmakerley · Posted: Sat Oct 03, 2009 8:10 am Post subject:

well, fortunately, rates have dipped in recent days, so an increase in rate is less likely. as far as closing costs, you need to determine where the change came - if it's in escrows, that's reasonably understandable (to me), and i'd hope that you have a sufficiently skilled loan officer who can explain that to you. if it's bank fees, etc. then you need an extremely good explanation for that.

when a file takes longer to approve than anticipated, it is entirely normal to request updated documents (pay stub, bank statement and the like). don't be alarmed at that.

the processor needs to get a clue, though. you need to have someone in that organization who can explain things without just stroking you. as for what manoj said about going elsewhere, that's not sensible at this time as you'd be starting from scratch again.

keep asking questions of your loan officer, of your processor, etc. and if you can kick it up a notch, by all means do so. keep the faith, too.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Yes the rates have gobe down, and thre is a good possibility that the rates will go further as we eter summer, due to the fact that the sales will start to go down due to various reason like, first time home buyer credit, more inventory etc

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

Waiting,

it is good that rates are going down.

But you need to ask from lender about increase in closing cost. 2K is not a small amount. Who has made mistake?

gmakerley · Posted: Sat Oct 03, 2009 9:57 am Post subject:

no you didn't say "as we enter summer..."

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Opps, I wanted tosay as we go in to winter season, noraml trend in real estate is, less sales

But this is is it is goign to be much more watchable

gmakerley · Posted: Sat Oct 03, 2009 1:55 pm Post subject:

wow...we just started autumn...winter isn't for 2 1/2 months...but at least we aren't just starting summer again. lol

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I am done with the summer

waiting for things to get cooler

Guest

I'm just so fustrated at the moment. They have already conditioned the loan 3 times in the past two weeks. Is this just a ploy to make me go away?

Can they process the loan for 90 days? The property is close to being new w/o any issue.

My midscore was 618 3 months ago.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Waiting it is frustrating, but the bank are really being cautious

Biying a house is really a stressful process

You have done all the stuff needed, just wait for few more days

smithsussane · Posted: Sun Oct 04, 2009 9:20 pm Post subject:

Hi Guest!

Welcome to forums!

I guess, the loan would close within 90 days. However, it is quite surprising to me that the lender has approved your loan when you had a middle score of 618. Normally, to get a FHA loan, you would require a credit score of 620 and for conventional loan, you would require a credit score of 740. You can ask the lender to speed up the process so that you can close the loan within 90 days.

Sussane

gmakerley · Posted: Mon Oct 05, 2009 7:05 am Post subject:

sussane, please don't frustrate the guy (i forgot who he is) who keep fussing about seeing these posts about 620 being the minimum score.

there is a smattering of lenders, obviously, who are able to grant new loans with scores below 620, so i guess it's not that surprising to see that "waiting" is in line to get a loan despite that 618 score.

as for the duration of time - it's so common these days as to be extra irritating - not just for borrowers but for loan officers and realtors and everyone else involved in the process. it's hard to tell you, "waiting," that you ought to keep on doing just that, but it seems your best bet at this time. agitate and agitate again to see if you can speed things up.

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What can I do to speed the process and get a "clear to close