Home Buying in 06351>Question Details

MomDoesItAll, Home Buyer in Lisbon, CT

Lender says we are approved and loan rate is locked in.

Asked by MomDoesItAll, Lisbon, CT Mon Dec 12, 2011

She emailed saying our loan is approved and loan rate (3.85%) is locked in. Said she only needs to get 2 recent statements of our additional bank account, and file is complete. Does this mean after those statements, we are done? What happens next?

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Answers

4
You have a commitment that requires you to have a certain amount of money verible in your account. If you do not have any unexplained large deposits, then you will get a clear to close after the underwritter checks your accounts.
0 votes Thank Flag Link Tue Dec 13, 2011
You're close! There are plenty of really nice homes to look at in Lisbon, Griswold, Franklin, and other nearby towns. Good luck with your quest.
0 votes Thank Flag Link Mon Dec 12, 2011
Typically yes that should be all the bank needs but these days depending on who you financed through the lender may need further documentation. It also depends on when you are scheduled to close. If you are closing in the next week or so then it is less likely you need anymore paperwork. However, if you go out past the holidays be prepared to send in more documentation. Good luck, you will be in your home before you know it.
0 votes Thank Flag Link Mon Dec 12, 2011
The implication I get is that you are correct. That part will be all done. However, these things have a way of getting more complicated and not ending when you think they would - just be warned. Your agent or your attorney should be better able to answer the questions about the next step.
0 votes Thank Flag Link Mon Dec 12, 2011
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