Mortgage problems... advice needed?
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I would direct all your questions to the loan processor. Ask two key questions:
1.When will your file be submitted to underwriting.
2.Once the underwriter receives your file how long will it take them to give you loan commitment.
Loan commitment means you'll be to close and get moved in.
Good Luck!
Mortgage problems... advice needed?Hope you made some progress towards getting moved into your new home. Much Success! Report It
Mortgage problems... advice needed?Something big happened in mortgages this spring. The sub-prime market collapsed. That's the group of lenders vital to first time homebuyers and buyers in expensive markets. People last year who had the pick of loans they wanted now can't get approved for any.
It shouldn't take more than a month for a loan, from application, through appraisal, to approval and settlement. Can you use a credit union? They're often the best. Can you use Navy Federal or USAA? They're lightening fast if you've got good credit.
What does your builder think of this? Do they have a lender? Usually, there's a contractual stipulation that you must be ready to settle upon completion.
Have you tried LendingTree.com?
Be oh so careful with countrywide. They offered us a mortgage that looked good until I saw that in one year, our payments would skyrocket to encompass our entire income. They clearly wanted to take our house.
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