Home Buying in Boston>Question Details

hereinhull, Home Buyer in Boston, MA

mortgage commitment

Asked by hereinhull, Boston, MA Thu Feb 3, 2011

ok, so I am not really having a problem, I am just an anxious person. I have had 2 horrendous experiences that have scarred me in the real estate process. Ok, I got my mortgage commitment about a week ago. They requested a few, simple, documents which have all been provided, The appraisal is done and was fine. The commitment doesnt expire until well after the agreed upon close date. It sounds like everything is going well, so is there any reason we may not get the loan? All answer are appreciated, but if delivering potentially bad news... be gentle!!

Help the community by answering this question:

Answers

12
You should be fine. A lot of commitments are delivered with contingencies still attached that you and the lender need to satisfy/

Good luck!

http://territory.com
Web Reference: http://territory.com
0 votes Thank Flag Link Wed May 11, 2011
Based on what you wrote, the fact that the appraisal went well and you provided all the information necessary to meet the simple conditions, I would say - continue packing. Other than you losing your job or excessive liens appearing on the title search from the seller, I would breathe easy and look forward to a very positive experience. I wish you the best of luck!
0 votes Thank Flag Link Thu Apr 7, 2011
As the others had mentioned, it sounds like you're in good shape. You've done your part. The lender has some legwork to do and the property, aside from the appraisal, need things like a clear title... those issues are no reflection on you and usually routine but ask your loan officer if there's anything going on there that could delay final approval. Otherwise enjoy your new home!

Tom
Flagstar Bank - financing in 50 states
Thomas.Stevens@Flagstar.com
0 votes Thank Flag Link Thu Apr 7, 2011
As the others had mentioned, it sounds like you're in good shape. You've done your part. The lender has some legwork to do and the property, aside from the appraisal, need things like a clear title... those issues are no reflection on you and usually routine but ask your loan officer if there's anything going on there that could delay final approval. Otherwise enjoy your new home!

Tom
Flagstar Bank - financing in 50 states
Thomas.Stevens@Flagstar.com
0 votes Thank Flag Link Thu Apr 7, 2011
It's natural to be nervous especially if you've had a bad experience. Congrats on your purchase. Hang in there!
0 votes Thank Flag Link Fri Feb 11, 2011
This all sounds good to me. Just keep your mortgage person close by. Also, if you are nervous, give your attorney a call just to double check everything.

Cheers,
Bill P
0 votes Thank Flag Link Tue Feb 8, 2011
Committment letters often have conditions. One common one is VOE (verification of employment). Employment verification usually occurs the week of closing, the underwriter will call your employer. I have seen issues where the office manager for example gave wrong information pertaining to the buyers salary etc that resulted in denials. I would alert your employer in advance so they are prepared to answer on your behalf.
Also, don't buy anything on credit, furniture etc prior to your closing.
0 votes Thank Flag Link Sat Feb 5, 2011
Sometimes commitments are contingent on a few things so read the document and see what those items are. They only big issue that could arise is if your rate isnt locked and it increases to something you cant afford.
But usually if you have your commitment in hand typically you are clear to close.

http://territory.com
Web Reference: http://territory.com
0 votes Thank Flag Link Sat Feb 5, 2011
Check with your lender and review the conditions stated in the mortgage commitment - if it's a true commitment then you should be all set. Just make sure that your interest rate is LOCKED and doesn't expire until AFTER closing. It is typical that lenders ask for small little things right up to closing, so don't panic - just check the commitment letter to make sure that nothing has been overlooked and you should be fine. If you're buying outside of Boston and don't have public sewer be sure to check on the Title V certificate.

Tom
0 votes Thank Flag Link Sat Feb 5, 2011
Depending on the type of loan you are getting some lenders are checking credit 30 days after COE. So, be gentle on your credit throughout this process. Make sure you or your agent are on top of things and that docs are delivered on-time to title so that the closing happens smoothly. There will be possible conditions at the end that will need to be met in order for the loan to fund but don't be alarmed this is fairly common.

Hope you enjoy your new home,


Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
Web Reference: http://homesales411.com
0 votes Thank Flag Link Thu Feb 3, 2011
Betty said it best. Everything sounds good to me. They could come back and recheck things like credit score and employment, so don't go do anything crazy. Don't go buy a bunch of funiture or appliances. No new lines of credit. Don't piss off your boss. Stay calm and don't rock the boat! Good luck on a smooth closing!
0 votes Thank Flag Link Thu Feb 3, 2011
Sounds like everything is right on track for buying your home. Some lenders will do a credt check before documents are signed. This is to make sure debt ratios are the same as they were when your were approved for the loan. Hopefully you have not made any major purchases that will cause a change in your debt to income ratio. They will sometimes recheck your employment status. If everything is the same as when you made loan application you should be fine! Good Luck.
0 votes Thank Flag Link Thu Feb 3, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer