Mortgage Loans

[my2sense]

Applied for loan 3 months ago....just got approval yesterday and close tomorrow. Everything is last minute and chatoic a LARGE National Bank.....this is ridiculous. The loan closer says most loans are now like this now adays...everything is last minute even refinancing. She's closing with us tomorrow and she still does NOT have the paperwork.......

[Earth_First]

1. Be careful and read EVERYTHING!

Make sure your lawyer is committed to being there for YOU.
Not what he's doing three hours later.

Good luck and welcome to homeownership!

[my2sense]

3. I need a lawyer for refinancing? OMG

[WatchWhatISay]

5. No, the golden rule applies here

He who has the gold makes the rules. All your lawyer can do is point out those things that aren't really fair, but aren't illegal either. Either you sign everything the mortgage company wants or you don't get the loan.

I used to be a real estate agent, so I was familiar with everything I was signing. Lots of it is very one sided, but, what are you gonna do?

[jtrockville]

2. When we got our mortgage, I remember wondering

if anyone involved had ever granted a loan before. No one seemed to know what was required. It was mind boggling.

[WatchWhatISay]

6. My refinance papers were 1-1/2" thick

I am not exagerating.

And that doesnt include all the paperwork I received before we got to the closing table.

[WatchWhatISay]

4. If she doesn't have the paperwork yet, you aren't closing tomorrow

Just finished refinancing my house with big major bank (whose rate was 3/8% lower than anyone elses). Even after everything was reportedly complete it still took about 2 weeks for underwriting, last minute new requests, more underwriting, getting papers to title company. Then 5 more days for it to fund.

All together though, the whole thing took just over a month, but I never made them wait for anything.

[my2sense]

7. The rate lock expires Friday

Not sure what to do.

[Statistical]

10. Call the bank tomorrow.

If the delay is their fault then they should extend the lock at their cost. If the delay was your fault likely you will need to re-lock hopefully rates haven't gone up. It is still very possibly you will close before Friday.

[Statistical]

9. Don't make blanket statements.

Our paperwork was delayed. Closing agent received them 3 hours before our closing. Then the bank had sent wrong file. When I pointed this out they were going to reschedule. I had them reprint them right there in my house on printer and signed that night.

So every mortgage & refinance is different.

Closing is stressful enough without OP hearing absolute statements like "YOU AREN'T CLOSING".

[cbdo2007]

8. This isn't across the board....

I just bought a house a few weeks ago and our loan with a LARGE National Bank was smooth as butter. No problems or delays or anything.