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Wierd.. Underwriter approval
Posted on 10/12/09 at 3:59 pm
Posted on 10/12/09 at 3:59 pm
Just got approval for my mortgage back from the underwriters.. Wierd thing is that they are doing the appraisal on the house this week.. So they gave approval without having the appraisal.. Is that common?
This post was edited on 10/12/09 at 4:49 pm
3
Posted on 10/12/09 at 4:08 pm to Catman88
They must know you post on the TD Money Talk Board....
Posted on 10/12/09 at 4:09 pm to Catman88
quote:
So they gave approval without having the appriasal.. Is that common?
I am sure it is subject to appraisal.
Posted on 10/12/09 at 4:11 pm to TigerDeacon
Thats what I figure I didnt get a clear to close.. Just my LO telling me that they approved the loan. So they would probably pull back if the appriasal comes in lower than loan. I was just suprised they didnt wait a couple of days. Oh well. Just hope they didnt send a retard to do the appraisal. I saw an appraisal of the house they did earlier in the year and it was for much more than what Im paying. If it comes back lower then its more likely they sent an idiot out than the value falling.
Posted on 10/12/09 at 4:42 pm to Catman88
no thats normal. good luck with the HVCC appraiser.
Posted on 10/12/09 at 4:49 pm to Catman88
quote:
Catman88
Don't go to the title company and gripe about how long it took you to get your loan. We get to hear that every time. We know it took a long time and was a pain. Such is the world we live in.
Posted on 10/12/09 at 4:57 pm to TigerDeacon
Actually my loan was incredibly easy.. I did research on my own of every bit of into an underwriter may need. I gathered all this documentation up before I applied and then faxed it to myself in order and separate for both myself and my fiance. So basically I had a loan packet already made up for each of us in pdf format. When I found the best rate and terms I send them the entire package. Whole process started Sept 25th and I didnt make an offer on the house until Sept 30th (I already had houses targeted prior to asking for a loan) The only things that took time was getting an inspection scheduled and getting the appraisal scheduled. Bank probably loves me because I made it incredibly easy on their part. In turn they told me when I got all the info to them that I could essentially close in 15 days if I needed to.
Posted on 10/12/09 at 4:59 pm to Catman88
what kind of terms did you get from the bank..
Posted on 10/12/09 at 5:06 pm to displacedhorn
No Loan Origination fees
5.0 rate for FHA with no points could have gone to 4.7 with 1 point but wasnt worth it)
Loan Officer that is quick to respond with any questions.
Was able to negotiate other fees in GFE without problems. Dont have it in front of me to say exactly what. They also didnt have a problem with me closing at very end of month. (some banks will push you to close earlier to get more in escrow int fees)
5.0 rate for FHA with no points could have gone to 4.7 with 1 point but wasnt worth it)
Loan Officer that is quick to respond with any questions.
Was able to negotiate other fees in GFE without problems. Dont have it in front of me to say exactly what. They also didnt have a problem with me closing at very end of month. (some banks will push you to close earlier to get more in escrow int fees)
Posted on 10/12/09 at 9:30 pm to Catman88
Actually if it went FHA then chances are the L.O. got to pick the appraiser. And that also will end very soon.
Posted on 10/12/09 at 9:59 pm to Redhorse
FHA the lender chooses the appraiser, and the underwriter will still have to review/approve the appraisal.
Posted on 10/12/09 at 10:08 pm to Drop4Loss
I guess it's up to that individual company. I do business with some where the L.O. can't talk to me regardless. And then there are some companies that they can.
As long as the listing agent and your agent did their homework there should be no surprises. And that is assuming there are agents involved.
As long as the listing agent and your agent did their homework there should be no surprises. And that is assuming there are agents involved.
Posted on 10/12/09 at 11:18 pm to Catman88
yup. you condition for the appraisal. Generally borrowers or brokers will do it so they know if they have a good loan before blowing $400 on an appraisal.
Posted on 10/13/09 at 9:39 am to prplhze2000
5% with no origination is why i hate banks..there loan officers must love working for 35k a year. thats a great loan for you.
Posted on 10/13/09 at 10:09 am to Redhorse
I have an agent the seller does not. Seller did get the home appraised earlier in the year and shared it with us. Not many houses in the neighborhood go up for sale so it limits what an appraiser can actually look at plus home is on a lake where many homes in neighborhood is not so that makes a difference as well. Selling price was 8k or so under previous appraisal so everything should be ok barring a huge drop in the market or an inexperienced appraiser.
Posted on 10/13/09 at 2:17 pm to Catman88
you dont have to use HVCC for FHA appraisal so you should be okay
Posted on 10/13/09 at 2:55 pm to Catman88
quote:
I have an agent the seller does not.
Who is paying your agent's commission? Has the seller agreed to paying it?
Posted on 10/13/09 at 3:48 pm to MikeBRLA
Seller is paying along with a good portion of my closing costs.. Of course its debatable if thats really the seller or whether it just took away from what I could have gotten the house at.
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