Home Buying in 19124>Question Details

Nichole, Home Buyer in 19135

Whats after the commitment letter ?

Asked by Nichole, 19135 Tue Apr 17, 2012

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6
Yes I agree with Renee! Good luck with your home search and if your not currently working with a Realtor please feel free to contact me at Natasha.james@c21ag.com or 267.499.0011.
1 vote Thank Flag Link Tue Apr 17, 2012
Nichole,

I actually wanted to add to my answer a bit. The bank may still need a few other small things from you but all of the huge issues have been taken care of.

Renee Porsia
Associate Broker
RE/MAX Action
(215) 669-0589
(215) 358-1100
http://www.reneeporsia.com
1 vote Thank Flag Link Tue Apr 17, 2012
Hello Nichole,

That's a great question! After your bank sends over an actual commitment letter to your Realtor, that means that your bank is saying that they have cleared all of your conditions (if any) and they are committing to giving you the loan for the home.

I hope this helps.

Renee Porsia
Associate Broker
RE/MAX Action
(215) 669-0589
(215) 358-1100
http://www.reneeporsia.com
1 vote Thank Flag Link Tue Apr 17, 2012
In my area it would be to go into final underwriting and then get a clear to close after that. Process should ba about two weeks(brring no unforseen paperwork is missing), but every Bank is different
1 vote Thank Flag Link Tue Apr 17, 2012
Your commitment letter will have a list of contingencies that must be met before closing can take place. Usually the bank wants all paperwork back at least 10-14 days prior to the closing date.

Some of the items on the list have already been mentioned............but most have to do with final job verfication...........proof of insurance, etc........and any other financial items that need clarification or last minute verification..

As was also mentioned below.....make sure you don't run out and buy that big flat screen tv or a new car or charge any big ticket items - they might affect your credit scores..............also do not close (or open) any credit cards during the mortgage processing time.

You want your financial situation to remain consistant during that time frame............after the closing - then you can go and celebrate!

Best wishes.......
0 votes Thank Flag Link Tue Apr 17, 2012
Verification of employment a few days before settlement, Obtain a Home Owners Ins Policy and get a Mortgee clause from the lender and give it to the Home Owners Ins company. DONT USE NO CREDIT CARDS! Wrap up some minor conditins with your Realtor. such as getting clear titl.

We Wish you all the Best, John + Sheri Curci RE/MAX Properties 215-757-2889
Web Reference: http://www.HomeCatch.com
0 votes Thank Flag Link Tue Apr 17, 2012
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