Home Buying in Azle>Question Details

Mslorainne, Other/Just Looking in Atlanta, GA

Obtaining Financing Really soon

Asked by Mslorainne, Atlanta, GA Wed Dec 26, 2012

I have been working with a bank for a mortgage loan, I’ve done everything possible on my behalf. We were schedule to close back in November, 5 days before closing the loan officer email me and said that the house that I had under contract was not owned by the investor for atlease the 90 days, ok so we started the process over new loan app, ect. No change on no-one part but we still had a closing date of Dec 21st, 2 days before I find out we are still not closing because we came back from Underwriting with condition, ok I got all my infor back over to her within 24 hrs. we have been waiting on comps from the previous appraisal for over a week. This is unacceptable & we got an extension for 15 days, I talked with the lender today and still haven’t received the comps. My question is can I take the package and go with another bank & if so how long it will take for another bank to close the deal.

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Nothing you have mentioned sounds really out of the norm in today's lending environment. Delays happen sometimes and the Title seasoning requirement of 90 days isn't unheard of either. You need to talk with your Realtor if you're seriously considering switching lenders mid-stream. The Sellers may be unwilling to extend you out even longer so that you can go seek different financing. It might behoove you to just bite your tongue and let the process play out, but as I mentioned you really need to run everything through your Realtor and get his/her opinion.

Joe Stone - Realtor ®
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0 votes Thank Flag Link Wed Dec 26, 2012
Flag Wed Dec 26, 2012
I recommend you speak with the Title Company. Ask if their attorney can shed some light on this. There are many factors that play into your decision. Are you working with a bank or direct mortgage lender..in my experience, changing Lenders mid- stream delays the process. If you working with a Realtor, that individual should be questioning and pressuring Lender for answers to your concerns. Gosh, I hope this closes before the end of the year so you receive the Texas Homestead Tax Exemption for 2013.

Take care,

Lucy A. Puniwai
0 votes Thank Flag Link Wed Dec 26, 2012
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