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Our loan app is in underwriting - and I'm nervous as all heck because of the current mortgage/lending climate. Anyone else out there going through the same thing? I figure we can start a virtual support group while waiting for our acceptances.
I have client files in underwriting every other day. Today there are a few questions that you can ask to determine how much of an ordeal the underwriting will be.
For example, do you recall if the loan office ran the Desktop Underwriting (DU) or Loan Prospecting (LP) on your loan?
And, fwiw, if your situation runs true to my observations, the folks that worry about approval, shouldn't, and the folks that think there is no problem, do have a problem.
The turnaround time is dependent upon who is the final funding company in your transaction. We are seeing anywhere from 1 day for a small portfolio bank to two weeks if the file must go to an outside investor or state agency.
Know when your locks expire and keep on it. By the time you hear rates are down in the news, they have already climbed back up by the time you hear it.
Combined income for DH and myself: 180K.
DH's midscore (the lower of the two of us) is 660 (mine is 680, but since we are doing this jointly, from what I've learned, that doesn't matter).
We are purchasing a property at 95% LTV in Carteret, NJ. It is a new construction - a 2500 SF townhouse in a new housing development in an area undergoing urban renewal. The builder has good reserves, along with a 7 million dollar bond from the city to keep the project going.
901 Interest from 12/3/08 to 1/1/09 at $59.43/day: $1,723.47
1004 Impounds - County Property Taxes: 7 months at $600 per Month $4,200.00
1101 Settlement Fee (Escrow): $750.00
1108 Title Insurance: $1,932.00
1201 Recording Fees: $75.00
1400 Total Estimated Settlement Charges: $11,790.72
I am not sure if it underwent DU or LP - my husband has been the one dealing directly with the loan officer, and I didn't know to ask. We are not locked in yet as we are not set to close until the beginning of December, and it would cost too many points to lock in this early.
The loan is a 30 year fixed mortgage. Unfortunately, the new construction development is not approved for FHA.
I have to recheck the estimate about PMI - or will check in with my husband later today. But I -think- I remember him telling me that the lender would be paying for it. I could very well be wrong, though.
It's very important that you find out if you are or not.
This can have a huge impact on your monthly payments.
Quote:
Originally Posted by monack
The loan is a 30 year fixed mortgage. Unfortunately, the new construction development is not approved for FHA.
I have to recheck the estimate about PMI - or will check in with my husband later today. But I -think- I remember him telling me that the lender would be paying for it. I could very well be wrong, though.
I just relooked at the GFE, and the total monthy charge listed on there is 3,009.05, which includes insurance. Wouldn't PMI be listed as a line item on the GFE if it were included?
it should be on the monthly payment section listed as
monthly insurance or PMI
Quote:
Originally Posted by monack
I just relooked at the GFE, and the total monthy charge listed on there is 3,009.05, which includes insurance. Wouldn't PMI be listed as a line item on the GFE if it were included?
Wait wait - I found it. There is PMI, but I'm not surprised at that, given that we are going for 95% LTV:
Mtg Ins 271.90
We really don't want to go over 5% down, so we are willing to take the monthly payment hit. I would rather put that extra money into the mortgage, and not run up the credit cards to furnish the house.
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