Question


Sandalina

We are closing our house in week, bank hasn't finalized mortgage?

We are supposed to close on a home on the 30th of October. We were pre-approved for our mortgage over 2 1/2 months ago, sold our home, and everything is set to close on Friday. The problem? The bank STILL hasn't sent the final mortgage papers to our lawyer! Why the delay? About 2 weeks ago, our broker wanted another document from my husband's company stating his employment and expected income this year. We provided that, and he (the broker) promised that's all that was needed to complete the file. So why are the papers still sitting in his office? He said he is waiting to hear back from his head office. Shouldn't this have been done weeks ago? I am due to deliver a baby this week AND we have to move. I don't want to be homeless come Friday... Any insight would be welcome. Why the heck do they make you jump through so many loops? If they are dragging on giving the money, why SAY you can have it?? AUGH! Should I be worried or just let it ride? I should mention we are in Canada. We started this process in August. We had a credit check, verified our income, decided on the mortgage we wanted, gave all the purchase agreements to our lawyer and mortgage lender/broker, and he JUST called us 2 weeks ago asking for the letter of employment with his estimated earnings from my husband's company. He has worked this job for over 12 years, but the company has had a few name changes. It's just all stressful. Thanks for the responses. I planned on calling first thing tomorrow morning. My husband was in to see the mortgage guy and said that he had a stack of papers on his desk ready to send to our lawyer, but that the mortgage person was waiting for the call from his head office. ??? It is our bank that is doing our mortgage.

1 month ago - 6 answers

Best Answer

Chosen by Asker

You do not indicate at what time frame you started on the actual mortgage process. Your pre-approval means NOTHING, since they are granted without verification of any of the information provided. In this economic market, it is VERY wise to be FULLY approved BEFORE you sell and buy. Methinks you will learn that quickly.

by acermill

1 month ago

Asker's Rating: 

Other Answers

You will possibly not close net week. You need to light a fire under the broker's and the bank's ass. They make you jump through hoops because they are fundamentally inefficient and probably overworked.

by MadMan- 1 month ago

If you used a mortgage broker instead of a mortgage banker then you could be in for anything. If your lender doesn't know who or how to get a hold of the underwriter who is underwriting your mortgage then he doesn't even know what could happen. At least you have a lawyer. Maybe they could call the mortgage broker if you are concerned. Currently there is a 3 day disclosure period required before closing for the buyer to look over their HUD statement. If anything changes the buyers bottom line or interest rate by even 1/8 of a percent then the 3 days starts all over again. This new rule is called "truth in lending act", or "TILA". It's a new federal mandate that was made effective for anyone closing a mortgage after 10/1/09.

by klay- 1 month ago

Please take a deep breath and try to relax. Everything will be fine. Most mortgage companies do not provide the loan package until the day of closing. And the day before closing, they may check again on your employment and credit history. You sure do seem to have taken on alot for yourselves right now. But all should go fine. Best of Luck!

by Realtoratheart- 1 month ago

Did you start the actual approval process 25 days ago? If so, Where is your agent?? He should be going ballistic at the mortgage company! He should be calling everyone in the bank to find out what the problem is and where the hold-up is.

by Simpson G- 1 month ago

Getting LOANS FUNDED is completely like Pregnancy! There is a DUE date. It's NOT, NOT, NOT, a guaranteed date by any stretch of the imagination. You have ZERO CONCEPT (and neither does the public) of what really goes on behind the scenes at the lender. The lender does not, does not, does not have your money. INVESTORS have the money. INVESTORS are constantly changing and reading the market. Sometimes INVESTORS change their minds. That trickels down to the lender, to the front line loan officer, to you. It's communicated to you as "delays" and "hang in there", and "oops, you still have issues". But the REALITY is that the MONEY FROM ON HIGH IS NOT READY TO BE PASSED DOWN to you...and YOU may not have anything to do with the reasons why. The FRONT LINE people are hopeful things will go well, because nobody on the front lines GETS PAID until the money comes from ON HIGH. So those of us on the FRONT LINES keep customers on the hook! "It's comming, it's comming, just fix this, just fix that". The all of a sudden the INVESTOR is ready to release the funds, and all is well! Your AGENT shoulda explained all that to you from day 1. However, we mostly don't because it's MORE TRUTH than people can handle. Everybody likes to hear "the lie". Go have your baby! Work out living arrangements where you're at or with friends and relatives or whatever, because that's what the bulk of buyers (milliions) do all the time. This tough time will pass. 30 days from now, you'll forget all about it. God bless you and your baby. Hang in there! lol

by kevc21- 1 month ago