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Mortgage Underwriting - How long?


BlsdMama
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WHY does this seem like it's taking forever??? ;)

 

Pre-approval (with ALL of our documentation)
Found the house

Offer

Counter Offer

Contract
Inspections

Offer Conditions / Accept Conditions / Fix any issues

Appraisal

Waiting on the Appraisal Report which we hear SHOULD move fairly quickly as it's a VA report.

Then Underwriting. 

 

We're supposed to close on the 28th.  The processor has already gotten all updated information from us since the time of the pre-approval (all new banking statements, all new paystubs, etc.)

 

Is the 28th even realistic?  I wonder.......

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Hmmm . . . my memory is pretty fuzzy, but as well as I recall every time we've bought a house some of the paperwork has come in within the last couple of days.  Relatively speaking, you're still a long way out.  So I wouldn't be stressing at this point.  But it's been almost eight years since we've gone through the buying process, so I don't know if things are different now or not.  I hope it all goes well!

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it depends upon the underwriter.  other houses that went pending after hers, closed before hers.

 

everyone else for dd (and pre-approved) was done fast.  we naively thought it would close ahead of the generous close date. - then the underwriter sat on it for three weeks.  literally did nothing on her loan for three weeks.  two days before it was *supposed* to close, they asked for more information.  then again, more information.  she had to get three extensions because the underwriter sat on it.  the mortgage broker she went through was calling them everyday trying to light a fire under their posteriors to get a move on.

if she'd lost the house because of them, we have a friend who is a real-estate attorney, and we'd have been talking to him.

 

 

eta: then again, foreclosures/short-sales can take months.

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It shouldn't take more than a week....

 

If the underwriter needs more info or docs or whatever, that delays everything. So if the lender or underwriter asks you for something get it to them pronto.

 

As a buyer's agent, one of my jobs during escrow is to nag -- ahem, stay in touch with the lender to make sure they don't forget your file.  Wink, wink. I love making a cheerful, polite pest of myself for my client's benefit.

 

Edited to add--VA appraisals can be a little slower because they are detailed. One of my deals just had to wait two weeks (arrggghh) for the survey to be completed. The guy was super slow. ugh.

 

I think you'll close by the 28th just fine. :) Congrats!

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Hmmm . . . my memory is pretty fuzzy, but as well as I recall every time we've bought a house some of the paperwork has come in within the last couple of days.  Relatively speaking, you're still a long way out.  So I wouldn't be stressing at this point.  But it's been almost eight years since we've gone through the buying process, so I don't know if things are different now or not.  I hope it all goes well!

 

SQUAWK.

 

What do you mean we're a long way out?  (Deeply concerned.)  We should be about a week to clear to close by my estimations.

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It shouldn't take more than a week....

 

If the underwriter needs more info or docs or whatever, that delays everything. So if the lender or underwriter asks you for something get it to them pronto.

 

As a buyer's agent, one of my jobs during escrow is to nag -- ahem, stay in touch with the lender to make sure they don't forget your file.  Wink, wink. I love making a cheerful, polite pest of myself for my client's benefit.

 

Edited to add--VA appraisals can be a little slower because they are detailed. One of my deals just had to wait two weeks (arrggghh) for the survey to be completed. The guy was super slow. ugh.

 

I think you'll close by the 28th just fine. :) Congrats!

 

Whew!  Thank you for saying that.  We heard the VA can take a bit.  We know around here they are "supposed" to have a ten day turn time from the moment it's ordered.  It was ordered last Monday and the fella made it out to the property on Friday.  I'd be so thankful if he got the report in ASAP!!  It's a fairly new house (1992) and we had a private, thorough inspection done beforehand to see to any issues and there was nothing major except an electric glitch which we had fixed BEFORE the appraiser went in.

 

Houses around here are selling approximately 10-12% OVER the assessed value.  We bought this one (due to outdatedness and odd interior decorating/layout) for almost 18% BELOW assessed value so we aren't remotely worried about it being okay there.  We just need that report.

 

Our lending officer has been amazing.  He's incredibly responsive - like responding to emails within an hour or two every time I have a question.  I just can't say enough good things.  We went through a very thorough pre-approval process and it went to the processor to double check everything and bring all documentation current a week ago Friday. 

 

God willing, I am so ready to be done with this, have the clear to close, and MOVE.  Thank you Lord for this one!!!!!

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SQUAWK.

 

What do you mean we're a long way out?  (Deeply concerned.)  We should be about a week to clear to close by my estimations.

 

Sorry for the poor wording.  I didn't mean to panic you!  I meant that IME with closings, a week is plenty of time to get things done.  I've bought three homes before, and as well as I recall in each instance there were things that didn't get finished up until the last couple of days.  But they all did get done, and we closed as scheduled on all of them.

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