Mortgage stuff fyi

Discussion in 'Credit Talk' started by NanaC, Jun 14, 2001.

  1. NanaC

    NanaC Well-Known Member

    Hi...thought I'd just share for those interested in the mortgage process as I'm going through it..I am thinking all our situations are very unique..but it might be helpful to some of ya'll.

    First of all, we just finished the inspection. Minor issues only and since we are out of town, my husband drove down to be there when it happened. So, I wasn't expecting him to have to be there but I guess it was a good idea. Hubby is a construction kind of guy so he understood what they were saying. I would have stood there with drool on my face or something.."electrical huh?" Most important finding..the pool is in great working order and condition!

    Also, funding of the downpayment was our big holdup..and that was resolved today when I received a check that was expected. That was a we have that taken care of. That means my pre-approval confirmation letter should now be in my hands in no time! Yahooey!

    I was surprised at how small our down payment and closing were actually going to be...:) That's a happy thing. 3% down payment..

    Having a great broker and realtor really's been so easy because of that. Our broker actually hooked us up with the realtor and he did an EXCELLENT job.

    Appraisal is in the works...we have 3 calling to give us times and dates..first one to appraise it wins..In El Paso, they are done within 10 days..usually sooner...we'll know when tomorrow...looks like the appraisal will be fine as we got the house at a price that seems fair with the current market values our realtor pulled...

    Just thought I'd share since I know this is stuff I wanted to know before I started this process.
  2. Momof3

    Momof3 Well-Known Member

    Great Nana, sounds like everything is falling into place. Very lucky with the appraiser, here either they are few and far between or majorly busy, we made offer on May 11, appraisal was done on May 30, but it finally was done and that's all the matters.

    Yes having a good broker is the key. I was very worried about choosing an online mortgage company rather than a local one and had my fears, but I think if you speak to them in great detail a few times and your questions are answered and they give you their full attention, you can feel a little easier. Actually the only thing I did online was the initial application everything else was by phone/fax and fedex. My lender was available anytime I needed to ask questions and boy did I ask questions LOL. As in everything sometimes I am sure online mortgages can be bad, but if you find a company you feel comfortable with then I say go for it. I also checked their license and his brokerage license as well prior to even contacting them.

    And by the way tell Don I will be waiting for my referral fee, thank goodness he was excellent or you would be hunting me down LOL
  3. NanaC

    NanaC Well-Known Member

    Hey, Mom, thanks! Did your appraisal take long to get the report once they did the actual appraisal??
  4. Momof3

    Momof3 Well-Known Member

    I think once they do it, it's only a matter of a day or 2 before the lenders get the results and with modern day technology, probably fax it to them the next day or so.

    My appraiser came out May 30 (wed) my lender gave me final commitment that following Tues, so I am sure they had it by friday or monday at the latest.

Share This Page